https://www.taxtmi.com/highlights?id=90897 The ITAT upheld that the exemption under Section 10(10D) does not apply where a life insurance policy is surrendered and the single premium paid exceeds 20% of the capital sum assured, thereby disallowing the exemption on maturity proceeds received upon surrender. However, the Tribunal found that the Assessing Officer's addition was based on an incorrect charging section and erroneous appreciation of facts. Following precedent, the ITAT held that additions made without proper legal basis are unsustainable and invalid. Consequently, the impugned additions were deemed arbitrary and perverse, leading to their deletion. The appellant's appeal was allowed in full. en-us Fri, 25 Jul 2025 08:28:13 +0530 Fri, 25 Jul 2025 08:28:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=90897 The ITAT upheld that the exemption under Section 10(10D) does not apply where a life insurance policy is surrendered and the single premium paid exceeds 20% of the capital sum assured, thereby disallowing the exemption on maturity proceeds received upon surrender. However, the Tribunal found that the Assessing Officer's addition was based on an incorrect charging section and erroneous appreciation of facts. Following precedent, the ITAT held that additions made without proper legal basis are unsustainable and invalid. Consequently, the impugned additions were deemed arbitrary and perverse, leading to their deletion. The appellant's appeal was allowed in full. Highlights Income Tax Fri, 25 Jul 2025 08:28:13 +0530 https://www.taxtmi.com/highlights?id=90897