Section 10(10D) On maturity of life insurance policy only net income is chargeable to tax

Vinayna Veljee Vs ITO (ITAT Ahmedabad) Kolkata Tribunal in the case of Sandeep Modi v DCITTS-184-ITAT- 2022 (Kol), which has held that on maturity of life insurance policy, where section 10(10D) does not apply, it is only the net income which is chargeable to tax in the hands of the assessee. ITAT held that we are in agreement with the Ld. Counsel for the assessee that he would be entitled to be taxed on the maturity amount received in terms of CBDT Circular number 7/2003 dated 5-9-2003 on taxability of maturity of policies under section 10(10D) of the Act, as per which only net income is char...