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2016 (9) TMI 1294 - HC - Income TaxAmount received on maturity of “Keyman Insurance Policy” - non taxability and is exempt under Section 1O(10D) - reference to the Circular No.762 dated 18/02/1998 issued by CBDT wherein it was clarified that such amount is taxable in “the hands of recipient - Held that:- The issue arising stands concluded against the Revenue for the reasons mentioned by the Delhi High Court in Rajan Nanda (2011 (12) TMI 392 - DELHI HIGH COURT). It is also accepted by the Revenue that the amendment in Explanation I to Section 10(10D) of the Act has specifically come into force only from 1st April, 2014 and it would not govern / apply to amounts received under the assigned Keyman Insurance Policy prior to Assessment Year 2014-15. No substantial question of law. Tribunal is justified in holding that amount received by the assessee on maturity of “Keyman Insurance Policy” is not taxable and is exempt under Section 1O(10D) - Decided in favour of assessee
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