Home Highlights January 2018 Year 2018 This

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1. Exemption u/s 10(10D) - addition of the surrender value of the assigned keyman insurance policy - On the basis of Section 10(10D) of the Act, with its Explanation 1, the...

2. Exemption u/s 10(10D) on the maturity value of the Keyman Insurance Policy - Assessee received the amount on maturity of Keyman Insurance Policy after coming into effect...

3. Key man insurance policy - Taxability of the sums received on maturity of life insurance policy - Assessee claimed it as exempt income u/s 10(10D) - It was contended...

4. Amount received by the assessee on maturity of the Keyman Insurance Policy - not eligible to claim exemption u/s 10(10D) - Legislature in its own wisdom never intended...

5. Disallowance of payment of premium under “Keyman Insurance Policy – maturity or surrender amount under the Keyman Insurance Policy was not exempted but taxable under...

6. Keyman Insurance policy - assignment in favour of the appellant - even though the assignment has happened during the year, surrender value as computed as on the date of...

7. Keyman Insurance Policy - Therefore, the difference between premium paid and surrender value is not taxable in the hands of assignee - AT

8. Disallowance of premium on Insurance Policy - Keyman Insurance Policy - Once the assets are sold, the Keyman policy for the Firm becomes redundant. At the same time, a...

9. Disllowances towards premium of keyman insurance policies - once it has been sold as a life insurance policy on the keyman to the business, as long as it is in the...

10. Keyman Insurance Policy - premium paid for the partners - The premium paid on the Keyman Insurance Policy is allowed as business expenditure - HC

11. Disallowance of keyman insurance policy of the director of the company paid - The premium paid for keyman insurance policy is allowable to the assessee u/s. 37(1) of the...

12. Key Man Insurance Policy - once it has been sold as a life insurance policy on the keyman to the business, as long as it is in the nature of life insurance policy,...

13. Assignment of Keyman insurance policy by the firm – Taxability u/s 2(24)(xi) r.w. section 10(10D) – nothing is taxable out of the maturity value of the policy received...

14. Taxability of amount received from LIC on maturity of key man insurance policies - Insurance company has itself clarified that on assignment, it does not remain a keyman...

15. Demand of services on ‘surrender charge’ retained by the appellant upon withdrawal of ‘insured’ from ‘unit linked insurance policies (ULIP)’ - voluntary withdrawal from...