As per sec 10(10D) any received from the Life insurance company is eligible for deduction whether received from Indian or Foreign company
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
On the facts and circumstances of the case and in law, the learned Income Tax officer erred in law in interpreting the personal effects i.e. capital receipts as revenue receipts received by your appellant for maturity of Life Insurance Policy and by adding the same while computing the Total Income. Your appellant therefore request your honor to direct learned Income Tax Officer to delete the said addition in toto amounting to Rs.4,16,200/-
Citation :
Taragauri T Doshi C/o Atul Enterprise 305 Bhaveshwar Market M G Road,Ghatkopar (E)Mumbai 709(Applicant) Vs The Income Tax Officer Ward 22(2)(4), Mumbai (Respondent)
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Ayush
Published in Income Tax
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