2026 (5) TMI 303

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.... DR ORDER 1. Aforesaid appeal by assessee for Assessment Year (AY) 2017- 18 arises out of an order of learned Commissioner of Income Tax (Appeals), NFAC [CIT(A)] dated 21-03-2025 in the matter of an intimation issued by CPC u/s 143(1) followed by rectification order u/s 154. Having heard rival submissions and upon perusal of case records, the appeal is disposed-off as under. The sole grievan....

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....Lacs. The premium was Rs. 2,99,856/- which exceed 20% of the sum assured. Therefore, the assessee was not entitled for deduction u/s 10(10D) and maturity proceeds including surrender value would be taxable in the hands of the assessee. There was no provision in the act for claiming loss on insurance policy. As per the extant provisions, the maturity proceeds would either be taxable or non-taxable ....