Unit Linked Insurance Scheme is Not Life Insurance: Redemption of ULIP Taxable as “Capital Gain”, rules ITAT [Read Order]

Insurance -Scheme - Life- Insurance-Redemption - ULIP -Taxable -Capital- Gain- ITAT-TAXSCAN

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that Life being insured by transaction would not alter the basic character of transaction under Section 10(10D). The assessee filed its return of income declaring income at Rs.3,40,826/-. The return was processed at Centralized Processing Center (“CPC”) at an income of Rs.10,61,250/- by making…

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