YAMINI ARJAN BHARWANI,KOLKATA vs. ITO, WARD 30(1), , KOLKATA

Appeal of the assessee is allowed for statistical purposes

Bench: April 1, 2012. No restriction on the premium-to-sum assured ratio was there. The policy was purchased by appellant on 29.01.2011 For exemption under Section 10(10D), the amount must be received as part of a matured policy or a payment on the occurrence of a specified contingency (e.g., death of the insured). In the case of premature termination (e.g. surrender of ULIP), the exemption will still be available if the conditions (e.g, death of the insured) above are met. Presently, the pre matu

capital gains. Hence the ground relating to Additions for taxable ULIP proceeds of 16,01,284/-is confirmed.” 1.3 Further aggrieved, the assessee has approached the ITAT with the following grounds: “1. For that on the facts and circumstances of the case, the Ld. CIT(A) was not justified in confirming the action of the A.O. in denying the exemption

PARVESH SHARMA,KOLKATA vs. ITO, WARD 49(1),, KOLKATA