Insurance Policy Assignment Alters Tax Status: Keyman to Ordinary, Proceeds Exempt u/s 10(10D) Income Tax Act.

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....After assignment of the policy in favour of the assessee, it changes its character from that of a Keyman Insurance Policy to that of an ordinary policy and that once it has become an ordinary policy, the proceeds received thereunder would not be subject to tax in view of Section 10(10D) - AT....