IN THE HIGH COURT OF DELHI AT NEW DELHI 
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   ITA 550/2012  
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 CIT             ..... Appellant 
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 Through: Ms. Rashmi Chopra, Sr. Standing Counsel. 
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 versus 
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 RAJAN NANDA          ..... Respondent 
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 Through: None. 
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 CORAM: 
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 HON'BLE MR. JUSTICE S. RAVINDRA BHAT 
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 HON'BLE MR. JUSTICE R.V.EASWAR 
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 O R D E R 
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       07.09.2012 
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 The present appeal by Revenue questions the order of the Income Tax 
 Appellate Tribunal (?Tribunal?, for short) dated 01.07.2010 in ITA 
 No.1965/Del/2010; it concerns the assessment year 2006-07.  The Revenue 
 had sought to add a sum of `23,51,25,000/- i.e. amount received from Life 
 Insurance Corporation on maturity of ?Keyman Life Insurance Policy?.  The 
 CIT (Appeals) confirmed the addition partially and granted relief to the 
 extent of `10.25 crores.  The matter was remitted by an earlier order of 
 the Tribunal.  The CIT (Appeals) again gave partial relief.  The 
 Revenue?s appeal was decided against it by the Tribunal by the impugned 
 order. 
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 The Tribunal in its decision appears to have followed an earlier 
 view expressed by it that the decision for the earlier years were the 
 subject matter of appeals by the Revenue in ITA No.400/2008 and connected 
 cases (Commissioner of Income Tax v. Rajan Nanda).  All these appeals ? 
 about 20 in number which included 9 appeals in respect of the same 
 assessee, were decided against the Revenue by the judgment and order of 
 this Court dated 16.12.2011.  The Division Bench elaborately considered 
 all facts as well as law applicable and held that even after winding up 
 of the Keyman Policy Scheme the amount received became represented amount 
 received under an ordinary policy.  The premium received under it would 
 not be liable to taxed.  In view of the above no substantial question of 
 law arises for consideration in the present case.  The question of law 
 has been answered by the common judgment dated 16.10.2011.  The appeal is 
 accordingly dismissed. 
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 S. RAVINDRA BHAT, J 
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 R.V.EASWAR, J 
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 SEPTEMBER 07, 2012 
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 hs 
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 $ 22 
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