https://www.taxtmi.com/caselaws?id=794725 Premature surrender of a Unit Linked Insurance Pension Plan did not qualify for exemption under section 10(23AAB) because the assessee had not fulfilled the statutory conditions attached to that relief. Exemption provisions were required to be construed strictly, and the assessee had the burden of showing that the receipt fell squarely within the provision. Arguments based on the capital nature of the principal investment and the absence of an earlier deduction could not override the statutory language. The surrender proceeds were therefore taxable under the charging provisions, and the addition was sustained. en-us Tue, 07 Jul 2026 00:00:00 +0530 Fri, 10 Jul 2026 07:39:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794725 Premature surrender of a Unit Linked Insurance Pension Plan did not qualify for exemption under section 10(23AAB) because the assessee had not fulfilled the statutory conditions attached to that relief. Exemption provisions were required to be construed strictly, and the assessee had the burden of showing that the receipt fell squarely within the provision. Arguments based on the capital nature of the principal investment and the absence of an earlier deduction could not override the statutory language. The surrender proceeds were therefore taxable under the charging provisions, and the addition was sustained. Case-Laws Income Tax Tue, 07 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794725