TMI Blog2022 (6) TMI 453X X X X Extracts X X X X X X X X Extracts X X X X ..... e amount of maturity amount of LIC received by the assessee in light of the CBDT Circular No. 7/2003 dated 5-9-2003 referred to above. Assessing Officer is directed to work out the correct taxable amount in the hands of the assessee in terms of CBDT Circular No. 7/2003 dated 5-9-2003 referred to above. Appeal of the assessee is allowed for statistical purposes. - ITA No. 49/Ahd/2022 - - - Dated:- 8-6-2022 - Shri Waseem Ahmed, Accountant Member And Shri Siddhartha Nautiyal, Judicial Member For the Assessee : Shri B.T. Thakkar, A.R. For the Revenue : Shri Abhimanyu Singh Yadav, Sr. D.R. ORDER PER : SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER:- This is an appeal filed by the assessee against the order of the National Fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reafter, the assessee furnished revised return of income declaring only the surplus of ₹ 59,215/- as taxable income in respect of 1st installment of ₹ 7,95,000/- received from LIC after deducting therefrom a sum of ₹ 7,35,785/- (being the proportionate premium paid i.e. 15% of Rs. 38,63,753/- in respect of the aforesaid 1st installment of ₹ 7,95,000/-). The assessee placed reliance on the CBDT circular number 7/2003 at paragraph 10.3 on taxability of maturity of policies under section 10(10D) which states that the income accruing on such policies (but not including the premium paid by the assessee) shall become taxable. However, while filing the revised return, as per the assessee, by way of bona-fide mistake, he inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant is taxable. Hence, these grounds of appeal are dismissed. 4. Before us, the Ld. Counsel for the assessee reiterated the arguments which were earlier placed before Ld. CIT(A) and relied upon the CBDT Circular number 7/2003 at paragraph 10.3 on taxability of maturity of policies under section 10(10D) to argue that the entire amount of 1st installment (less sum offered for tax by the assessee in the return of income) could not be subject to tax in the hands of the assessee in view of the above CBDT Circular. The assessee is entitled to deduct therefrom the proportionate principal amount paid for obtaining the aforesaid 1st installment. The Ld. Counsel for the assessee submitted that the assessee has also not claimed deduction of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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