https://www.taxtmi.com/caselaws?id=445004 The ITAT Mumbai held that surplus from a surrendered insurance policy constituted long-term capital gains rather than income from other sources. The assessee held the policy for over three years, having paid the premium in March 2008 and received surrender value after March 2011. The tribunal characterized the investment as similar to debt mutual funds, qualifying the gains as long-term capital gains. The AO's addition treating it as income from other sources was set aside. The tribunal directed the AO to compute capital gains tax liability and grant Section 54F deduction benefits after verifying the assessee's claim with supporting documentation. en-us Wed, 28 Jun 2023 00:00:00 +0530 Sat, 28 Oct 2023 08:34:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445004 The ITAT Mumbai held that surplus from a surrendered insurance policy constituted long-term capital gains rather than income from other sources. The assessee held the policy for over three years, having paid the premium in March 2008 and received surrender value after March 2011. The tribunal characterized the investment as similar to debt mutual funds, qualifying the gains as long-term capital gains. The AO's addition treating it as income from other sources was set aside. The tribunal directed the AO to compute capital gains tax liability and grant Section 54F deduction benefits after verifying the assessee's claim with supporting documentation. Case-Laws Income Tax Wed, 28 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445004