2016 (9) TMI 1294

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....NT 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 6th September, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2010-11. 2. Ms. Bharucha, learned Counsel for the Revenue urges the following question of law for our consideration : " Whether on the facts and in the....

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....l, the Commissioner of Income Tax (Appeals) [CIT(A)] by an order dated 16th May, 2012 allowed the respondent assessee's appeal by following the decision of Delhi High Court in Commissioner of Income Tax Vs. Rajan Nanda, 349 ITR 8. The Delhi High Court in the above case, on identical facts held that the amount received by the assessee on account of maturity of Keyman Insurance Policy is exempte....

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....yman Policy which has been assigned to any other person only effective from 1st April, 2014. The amended Explanation I to Section 10(10D) of the Act now reads as under : "[ Explanation 1] - For the purposes of this clause, "Keyman insurance Policy" means a life insurance policy taken by a person on the life of another person who is or was the employee of the first mentioned person or is o....