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Doctor’s Family Gift Claim Rejected: ITAT Upholds ₹69.5 Lakh LIC Investment Addition
Case Law Details
- Case Name
- Shanmugasundaram Venkatachalapathy Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Chennai
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Shanmugasundaram Venkatachalapathy Vs ITO (ITAT Chennai)
Doctor’s Claim of Family Gifts Savings Rejected –No Proof of Gifts/Drawings – Tribunal Confirms Cash Investment Addition u/s 69; ITAT Chennai Upholds Addition of ₹69.5 Lakh as Unexplained LIC Investment of Govt Doctor
Assessee, a Government doctor also running a private clinic, filed return declaring income of ₹21.8 lakh. AO reopened assessment u/s 147 after noting professional receipts of ₹2.21 lakh from pharma companies (as per Form 26AS) not declared in return. Further, AO found investments of ₹85.96 lakh in LIC policie...
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