https://www.taxtmi.com/caselaws?id=401433 The Tribunal dismissed the appeal, affirming that the surrender value of the assigned Keyman Insurance Policy remains taxable. It concluded that the policy's character does not change upon assignment, and any benefits from its surrender or encashment are taxable under Section 17(3) of the Act. The Tribunal deemed the Finance Act, 2013 amendment clarificatory, applying retrospectively to prevent tax evasion. The appellant's reliance on case law was rejected, emphasizing the policy's consistent tax treatment despite assignment. The judgment underscores that the Keyman Insurance Policy retains its original taxable nature, dismissing arguments based on contrary judicial interpretations. en-us Fri, 04 Dec 2020 00:00:00 +0530 Mon, 04 Nov 2024 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401433 The Tribunal dismissed the appeal, affirming that the surrender value of the assigned Keyman Insurance Policy remains taxable. It concluded that the policy's character does not change upon assignment, and any benefits from its surrender or encashment are taxable under Section 17(3) of the Act. The Tribunal deemed the Finance Act, 2013 amendment clarificatory, applying retrospectively to prevent tax evasion. The appellant's reliance on case law was rejected, emphasizing the policy's consistent tax treatment despite assignment. The judgment underscores that the Keyman Insurance Policy retains its original taxable nature, dismissing arguments based on contrary judicial interpretations. Case-Laws Income Tax Fri, 04 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401433