https://www.taxtmi.com/caselaws?id=256627 The Tribunal ruled in favor of the assessee in a tax dispute regarding the addition of amounts received from LIC on maturity of key man insurance policies and the taxability of encashed Keyman policies. The Tribunal upheld the CIT(A)'s decision, following the Delhi High Court's precedent that key man policies, upon assignment, become ordinary policies exempt under section 10(10D) of the Income Tax Act. The Tribunal dismissed the Revenue's appeals, emphasizing the settled law and the High Court's interpretation of the tax provisions. en-us Fri, 10 Jan 2014 00:00:00 +0530 Fri, 13 Feb 2015 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256627 The Tribunal ruled in favor of the assessee in a tax dispute regarding the addition of amounts received from LIC on maturity of key man insurance policies and the taxability of encashed Keyman policies. The Tribunal upheld the CIT(A)'s decision, following the Delhi High Court's precedent that key man policies, upon assignment, become ordinary policies exempt under section 10(10D) of the Income Tax Act. The Tribunal dismissed the Revenue's appeals, emphasizing the settled law and the High Court's interpretation of the tax provisions. Case-Laws Income Tax Fri, 10 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256627