Keyman Insurance Policy Proceeds taxable on receipt basis

Conclusion –

As per section 14 (2) it is duty cast upon the AO to examine the claim of assessee having regards the account and only where the AO is not satisfied procedure prescribed u/r 8D can be followed.

The proceeds from Insurance company, in respect of Keyman Policy, will be taxable only on receipt basis.

Facts –

Disallowance of commission expenses –

Please become a Premium member. If you are already a Premium member, login here to access the full content.