Benefit arising on surrender of Keyman Insurance Policy taxable as perquisites in hands of employee: Madras High Court

INCOME TAX : Where Keyman Insurance Policy was taken by employer company and assigned in favour of its employee Managing Director, on basis of section 10(10D) with its Explanation 1, character of Keyman Insurance Policy would not get converted into ordinary Life Insurance Policy despite its assignment and therefore, any benefit accruing to employee upon its surrender or encashment would be taxable in hands of employee as 'perquisite'

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