Premature Surrender of Pension Policy Not Taxable as Income from Other Sources: ITAT Ahmedabad

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 reassessment proceedin...