Case Law Details
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 Assessing Officer (AO) has relied solely upon unsigned hand written notings which have neither been corroborated nor found from the possession or control of the assessee. Further, the various notings indicate that it’s a summary of LIC and other instruments of the various members of the joint family. The basis of how the AO has derived the alleged number for premia for a given Assessment Year has not been stated by the AO and in case the veracity of the said hand-written loose sheets of papers is suspect.
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