https://www.taxtmi.com/caselaws?id=390154 The Tribunal quashed the orders passed by the Pr. CIT under Section 263, restoring the assessment orders passed by the AO. It held that the AO had conducted adequate inquiries, and the assessment orders were neither erroneous nor prejudicial to the interests of the revenue. The Tribunal also concluded that the amendment brought by Finance Act 2013 in Explanation 1 to Section 10(10D) was prospective and did not apply to the assessees' cases. Therefore, the maturity proceeds of the insurance policies were exempt from tax. en-us Wed, 18 Dec 2019 00:00:00 +0530 Tue, 24 Dec 2019 11:38:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390154 The Tribunal quashed the orders passed by the Pr. CIT under Section 263, restoring the assessment orders passed by the AO. It held that the AO had conducted adequate inquiries, and the assessment orders were neither erroneous nor prejudicial to the interests of the revenue. The Tribunal also concluded that the amendment brought by Finance Act 2013 in Explanation 1 to Section 10(10D) was prospective and did not apply to the assessees' cases. Therefore, the maturity proceeds of the insurance policies were exempt from tax. Case-Laws Income Tax Wed, 18 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390154