No tax on insurance premium if section 80C deduction was not claimed

Kantilal Jain Vs ITO (ITAT Bangalore) Conclusion: Assessee in respect of premium paid to the insurance company could not be brought to tax subject to the fact that assessee should not avail deduction u/s 80C of the Act in respect of premium paid towards that insurance policy. Held: In the return of income, assessee took a Life Insurance Policy for a period of 10 years in the financial year 2006-07.  The sum assured was Rs. 10 lakhs. Assessee had paid half yearly premium of Rs. 1,06,275/- for 5 years totaling of Rs. 10,62,750/- (Rs. 1,06,275 x 10). It was a policy, wherein the annual premium e...