Insurance Premium Collections Cannot Be Taxed as Unexplained Money Without Contrary Evidence: ITAT Agra

ITO Vs Sumit Jindal (ITAT Agra) Section 69A Addition Deleted Because Bank Credits Were Properly Explained: ITAT; ITAT Rejects Section 69A Addition Because Insurance Premium Transactions Were Explained; Unexplained Money Addition Unsustainable Because Revenue Produced No Contrary Evidence: ITAT; ITAT Upholds Deletion of ₹2.35 Crore Addition Because Insurance-Related Credits Were Explained The Income Tax Appellate Tribunal (ITAT), Agra, dismissed the Revenue’s appeal and upheld the order of the Commissioner of Income Tax (Appeals) [CIT(A)] deleting the addition of ₹2,35,22,807 made under S...