Addition on the basis of mis-reporting of insurance company unsustainable

Kamal Binani Vs ITO (ITAT Mumbai) ITAT Mumbai held that addition under section 68 of the Income Tax Act on the basis of mis-reporting of insurance company is unsustainable in law. Facts- Notices u/s. 143(2) and 142(1) of the Act were issued and served on the assessee. The reasons recorded for reopening the assessment are “The information was received from the DDIT(Inv.) Unit 7(3), Mumbai that the assessee had paid the annual premium of ₹.6,00,000/- which is much higher than the total income declared by the assessee i.e., ₹.1,60,630/- in the return of income. AO on a perusal of the de...