https://www.taxtmi.com/caselaws?id=423612 The appeal was allowed by the Tribunal, setting aside the order of the CIT(A) and directing the Assessing Officer to re-compute the taxable amount of the maturity amount received from LIC in accordance with CBDT Circular number 7/2003. The appellant's argument that only the net income should be taxable under section 10(10D) was accepted, emphasizing the importance of correctly computing the taxable amount in line with the circular. The decision focused on the correct interpretation of the law and the application of relevant circulars in determining the taxability of income from the LIC policy. en-us Wed, 08 Jun 2022 00:00:00 +0530 Fri, 10 Jun 2022 08:26:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423612 The appeal was allowed by the Tribunal, setting aside the order of the CIT(A) and directing the Assessing Officer to re-compute the taxable amount of the maturity amount received from LIC in accordance with CBDT Circular number 7/2003. The appellant's argument that only the net income should be taxable under section 10(10D) was accepted, emphasizing the importance of correctly computing the taxable amount in line with the circular. The decision focused on the correct interpretation of the law and the application of relevant circulars in determining the taxability of income from the LIC policy. Case-Laws Income Tax Wed, 08 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423612