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Premature Surrender of Pension Policy Not Taxable as Income from Other Sources: ITAT Ahmedabad
Case Law Details
- Case Name
- Kirankumar Jayantilal Mala Vs DCIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Ahmedabad
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Kirankumar Jayantilal Mala Vs DCIT (ITAT Ahmedabad)
Premature Surrender of Pension Policy Not Taxable as ‘Income from Other Sources’: ITAT Deletes Addition
The Ahmedabad ITAT deleted the addition made under Section 56 in respect of amount received on premature surrender of a pension policy, holding that the Assessing Officer failed to properly appreciate the provisions of Section 80CCC(2) and the true nature of the receipt.
The assessee had received ₹10.40 lakh on surrender of a pension policy, which the Assessing Officer taxed as “Income from Other Sources” in reass...
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