Receipt from surrender of Life Insurance Policy cannot be added u/s. 68 as unexplained money

Hiren Rameshbhai Patel Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad held that amount received as refund for surrender of Life Insurance Policy cannot be treated as unexplained money under section 68 of the Income Tax Act. Accordingly, appeal allowed and addition deleted. Facts- Assessee has preferred the present appeal mainly contesting that CIT(A) has erred in upholding the impugned addition u/s 68 amounting Rs. 4,97,543/- received as refund for surrender of Life Insurance Policy offered as exempt income by the appellant. Appellant contested that CIT(A) has erred in upholding addition of Rs. 4,97,...