Harsimron Singh Sandhu vs. Deputy Commissioner of Income Tax, CPC, Bengalore

Parties Involved

Facts Summary

The assessee, Harsimron Singh Sandhu, filed an appeal against the order of the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, which dismissed his appeal against the intimation order passed u/s 143(1) of the Income Tax Act, 1961. The assessee had claimed exemption u/s 10(10D) for the maturity amount of Rs.47,50,000/- received from a keyman insurance policy. The CPC denied the exemption and added the amount as income. The assessee challenged this decision, arguing that the policy was assigned to him before the relevant amendments making the maturity amount taxable.…

Legal Issues

• 1. Taxability of maturity amount received under keyman insurance policy assigned to the life of the person in whose name it was taken.

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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