CIT vs. RAJAN NANDA

IN THE HIGH COURT OF DELHI AT NEW DELHI . . . ITA 550/2012 . . . CIT ..... Appellant . Through: Ms. Rashmi Chopra, Sr. Standing Counsel. . versus . . . RAJAN NANDA ..... Respondent . Through: None. . . . CORAM: . HON'BLE MR. JUSTICE S. RAVINDRA BHAT . HON'BLE MR. JUSTICE R.V.EASWAR . . . O R D E R . 07.09.2012 . . . The present appeal by Revenue questions the order of the Income Tax Appellate Tribunal (?Tribunal?, for short) dated 01.07.2010 in ITA No.1965/Del/2010; it concerns the assessment year 2006-07. The Revenue had sought to add a sum of `23,51,25,000/- i.e. amount received from Life Insurance Corporation on maturity of ?Keyman Life Insurance Policy?. The CIT (Appeals) confirmed the addition partially and granted relief to the extent of `10.25 crores. The matter was remitted by an earlier order of the Tribunal. The CIT (Appeals) again gave partial relief. The Revenue?s appeal was decided against it by the Tribunal by the impugned order. . The Tribunal in its decision appears to have followed an earlier view expressed by it that the decision for the earlier years were the subject matter of appeals by the Revenue in ITA No.400/2008 and connected cases (Commissioner of Income Tax v. Rajan Nanda). All these appeals ? about 20 in number which included 9 appeals in respect of the same assessee, were decided against the Revenue by the judgment and order of this Court dated 16.12.2011. The Division Bench elaborately considered all facts as well as law applicable and held that even after winding up of the Keyman Policy Scheme the amount received became represented amount received under an ordinary policy. The premium received under it would not be liable to taxed. In view of the above no substantial question of law arises for consideration in the present case. The question of law has been answered by the common judgment dated 16.10.2011. The appeal is accordingly dismissed. . . . . . S. RAVINDRA BHAT, J . . . . . . . R.V.EASWAR, J . SEPTEMBER 07, 2012 . hs . . . $ 22 .