)-1 (ITAT Delhi)ITAT Delhi: Foreign Life Policy Acquired as NRI Not Undisclosed Asset or Taxable Under Black Money Act; Section 10(10D) Exemption Applies to Maturity Proceeds Despite Foreign InsurerSummary: The ITAT Delhi allowed the assessee’s appeal concerning ₹40,03,212.78 treated as undisclosed foreign income under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Therefore, the policy and its maturity proceeds could not constitute an undisclosed foreign asset. Final Decision: The ITAT allowed the assessee’s appeal, holding that the policy maturity proceeds were neither undisclosed foreign income nor an undisclosed foreign asset under the Black Money Act and, independently, were exempt under section 10(10D). It simply says:“any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy”. This issue cannot be treated as undisclosed income or undisclosed assets under the BMA.