Section 2(28BB) — the law in short
What the courts have decided on section 2(28BB), in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.
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Sarvesh Naidu v DDIT (Inv)
ITATHelps taxpayerNo later treatment found
My foreign life policy matured and the department has taxed the proceeds under the Black Money Act. Does s.10(10D) help when the insurer is foreign?
Yes. The Tribunal held that s.10(10D) of the Income-tax Act draws no distinction between an Indian and a foreign insurer, and that where the premiums were paid out of income not chargeable to tax in India and out of income that had already suffered tax, the maturity proceeds of the policy could not be treated as undisclosed foreign income or an undisclosed foreign asset under the Black Money Act.
Listed strongest first: Supreme Court, then High Court, then Tribunal, then CBDT. Nothing here has yet been read in full by a chartered accountant — open an entry to see where it came from.
