https://www.taxtmi.com/caselaws?id=777793 ITAT MUMBAI - AT held that surrender proceeds of a ULIP for AY 2017-18 constitute a capital asset under s.2(14) and must be taxed under the head "Capital Gains" with indexation, not as "Income from Other Sources." The 4th and 5th provisos to s.10(10D) (w.e.f. 01.04.2021) are inapplicable to the year in question. Mere TDS deduction does not determine nature of income; AO is directed to reclassify the receipt as capital gains, allow indexation and grant credit for TDS as reflected in Form 26AS. en-us Thu, 28 Aug 2025 00:00:00 +0530 Fri, 05 Sep 2025 08:10:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777793 ITAT MUMBAI - AT held that surrender proceeds of a ULIP for AY 2017-18 constitute a capital asset under s.2(14) and must be taxed under the head "Capital Gains" with indexation, not as "Income from Other Sources." The 4th and 5th provisos to s.10(10D) (w.e.f. 01.04.2021) are inapplicable to the year in question. Mere TDS deduction does not determine nature of income; AO is directed to reclassify the receipt as capital gains, allow indexation and grant credit for TDS as reflected in Form 26AS. Case-Laws Income Tax Thu, 28 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777793