Maturity proceeds from insurance policy couldn't be taxed by applying Explanation to Sec. 10(10D) retrospectively

INCOME TAX : Amendment brought in by Finance Act 2013 in Explanation 1 to section 10 (10D) is prospective in nature and, thus, where keyman insurance policy taken by a company in name of assessee's husband was assigned to assessee in year 2013, it would continue to be an ordinary policy and consequently, sum received by her on maturity of said policy would not be taxable by virtue of amended section 10(10D)

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