Difference between premium paid by Company & surrender value not taxable in the hands of Directors

Escorts Heart Institute & Research Centre Ltd. v. ACIT (Delhi High Court) (2011) 128 ITD 108/ (2010) 8 taxmann.com 209 (Delhi) Delhi High Court has recently in a batch of appeals filed by the Income Tax Department against Escorts Heart Institute & Research Centre Ltd  and their employee directors held, inter alia, that the assignment of the Keyman insurance policies taken by the Company in respect of the Directors, at the surrender value fixed by the insurer did not give rise to a taxable benefit in the hands of the Directors. Hence the difference between the premium paid by the Compa...