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Addition of unexplained investment deleted in absence of substantive evidence
Case Law Details
- Case Name
- Smt. Anita Jain Vs ACIT (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Jaipur
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Smt. Anita Jain Vs ACIT (ITAT Jaipur)
ITAT Jaipur held that additions on account of LIC Premia treated as unexplained investment deleted as merely based on rough notings without any substantive evidence.
Facts-
The appeal has been filed by the assessees against the orders of Commissioner of Income Tax (CIT), dated 28-01-2022. The Income Tax Appellate Tribunal (ITAT), Jaipur recognized the rough noting by the assessees as actual transactions and deletes additions on LIC Premium.
It is submitted that, the LIC Premium has been paid from drawings from Cash Funds and that the Asses...
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