TMI Blog2016 (9) TMI 1294X X X X Extracts X X X X X X X X Extracts X X X X ..... ssue 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 Insuran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law for our consideration : Whether on the facts and in the circumstances of the case and in law, the Tribunal is justified in holding that amount of ₹ 76,00,000/received by the assessee on maturity of Keyman Insurance Policy is not taxable and is exempt under Section 1O(10D) of the Income Tax Act ignoring the Circular No.762 dated 18/02/1998 issued by CBDT wherein it was clarified th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee on account of maturity of Keyman Insurance Policy is exempted under Section 10(10D) of the Act. The aforesaid decision also placed reliance upon a Circular dated 18th February, 1998 issued by the Central Board of Direct Taxes, which permitted the conversion of a Keyman Insurance Policy into a normal policy. Thus, the appeal was allowed by following the decision of Delhi High Court in R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n who is or was the employee of the first mentioned person or is or was connected in any manner whatsoever with the business of the first mentioned person [and includes such policy which has been assigned to a person, at any time during the term of the policy, with or without any consideration]. (emphasis supplied) 6. However, as we are concerned with the period prior to 1st April, 2014, the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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