TMI BlogTaxation of redemption amount of the policy prematurely surrendered - Case of the department that the...Taxation of redemption amount of the policy prematurely surrendered - Case of the department that the petitioner had received the surrender value of policy upon its premature redemption and the same was liable to tax under Section 80CCC (2) of the Act, stands erroneous. Once it is a position obtained that the petitioner- assessee had not obtained a relief under Section 80CCC (1) of the Act, the redemption amount of the policy prematurely surrendered would not be liable to be taxed. - HC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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