https://www.taxtmi.com/caselaws?id=778155 ITAT Mumbai (AT) allowed the appeal, holding that a Market-Linked Insurance Policy can qualify as a "capital asset" under section 2(14)(a) notwithstanding earlier treatment, so the amount received on premature withdrawal may be assessed as capital gains or capital loss. The Bench disagreed with the view that the taxpayer's policy could not be treated as a capital asset for A.Y. 2016-17 and overturned the contrary coordinate-bench outcome; consequential capital gains computation will follow. The matter is remitted for arithmetical determination of gains/losses. en-us Fri, 29 Aug 2025 00:00:00 +0530 Wed, 10 Sep 2025 18:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778155 ITAT Mumbai (AT) allowed the appeal, holding that a Market-Linked Insurance Policy can qualify as a "capital asset" under section 2(14)(a) notwithstanding earlier treatment, so the amount received on premature withdrawal may be assessed as capital gains or capital loss. The Bench disagreed with the view that the taxpayer's policy could not be treated as a capital asset for A.Y. 2016-17 and overturned the contrary coordinate-bench outcome; consequential capital gains computation will follow. The matter is remitted for arithmetical determination of gains/losses. Case-Laws Income Tax Fri, 29 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778155