Once Insurance Policy Is Assigned By Employer To Employee, Value Received By Employee Can't Be Taxed In View Of Sec 10(10D): Delhi ITAT
11 months, 3 weeks ago

Once Insurance Policy Is Assigned By Employer To Employee, Value Received By Employee Can't Be Taxed In View Of Sec 10(10D): Delhi ITAT

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The New Delhi ITAT recently reiterated that once insurance policy is assigned by the employer to employee, the insurance policy gets converted into an ordinary policy, and in that case, the value received by employee would not be subjected to tax in view of section 10 of the Act. The Bench referred to the submission of the assessee that insurance policy was under Keyman Insurance policy taken by M/s. The Bench also noted that the proprietorship concern was dissolved and the assessee purchased the Keyman Insurance policy from M/s. Thus, the Bench accepted the fact that the assessee had rightly claimed the amount as exempt u/s 10 of the Act as a character of policy had changed way back in the year 2008.

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