Maturity LIC Amounts Exempt from Taxability u/s 10 (10D): ITAT directs AO to delete Addition of 1.43 Crore [Read Order]

The Maturity LIC amounts are exempted from taxability under Section 10 (10D) of the Income Tax Act, 1961.
Maturity LIC Amounts Taxability us 10 (10D) -ITAT AO - TAXSCAN

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has directed the Assessing Officer (AO) to delete the addition of 1.43 crore on ground that maturity Life Insurance Corporation (LIC) amounts are exempted from taxability under section 10(10D) of Income Tax Act, 1961. The assessee filed his return of income, declaring total income of…

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