LIC Survival Benefit from Father’s Death Exempt Under Section 10(10D): ITAT

Rajiv Venkataraman Vs ACIT (ITAT Hyderabad) Introduction: The Income Tax Appellate Tribunal (ITAT) Hyderabad recently passed an order in the case of Rajiv Venkataraman for the assessment year 2017-18. The dispute arose over the treatment of a survival benefit received from LIC following the death of Rajiv’s father. The ITAT’s ruling centers on whether this amount is exempt from income tax under Section 10(10D) of the Income Tax Act. Analysis: In the initial return of income, Rajiv Venkataraman disclosed exempt income of Rs. 72,40,321/- but did not include the survival benefit of Rs...