Income Tax on Maturity of LIC Policy: Proportionate Principal Amount of Premium Deductible as per CBDT Circular, rules ITAT [Read Order]

LIC Policy - Principal Amount - Premium - CBDT Circular - ITAT - taxscan

In a significant ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the assessee is entitled to deduct the proportionate principal amount paid for obtaining the 1st installment on maturity of the LIC policy under the provisions of the Income Tax Act, 1961. The assessee, Vinayna Veljee, is an individual…

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