The Maturity LIC amounts are exempted from taxability under Section 10 (10D) of the Income Tax Act, 1961.
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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