Rs. 50 Lakh LIC Investment Treated as Unexplained Due to Failure to Prove HUF Source

Pratibha Singh Vs ACIT (ITAT Chandigarh) The appeal before the Income Tax Appellate Tribunal, Chandigarh Bench, arose from reassessment proceedings for Assessment Year 2009–10 framed under Sections 143(3) read with 147 of the Income-tax Act, 1961. The assessee had originally declared income of ₹4,81,340/-. Information from LIC revealed an investment of ₹50,00,000/- in a life insurance policy during the relevant year, which was not commensurate with the returned income. The reopening was upheld by the High Court, and the jurisdictional issue attained finality. During assessment, the asses...