Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
ITAT remanded the case to AO for further verification on two key issues: (1) the genuineness and effective date of a key man insurance policy assignment, requiring LIC confirmation of the assignment's validity and documentation; and (2) unexplained cash deposits of Rs. 30 lakhs, directing AO to scrutinize the assessee's claim of cash sourcing by examining withdrawal patterns, household expenses, and marriage-related expenditures. The tribunal allowed grounds 2 and 3 of the appeal for statistical purposes, mandating a comprehensive factual assessment by the AO with opportunity for the assessee to provide supplementary documentary evidence supporting the claims.
ITAT remanded the case to AO for further verification on two key issues: (1) the genuineness and effective date of a key man insurance policy assignment, requiring LIC confirmation of the assignment's validity and documentation; and (2) unexplained cash deposits of Rs. 30 lakhs, directing AO to scrutinize the assessee's claim of cash sourcing by examining withdrawal patterns, household expenses, and marriage-related expenditures. The tribunal allowed grounds 2 and 3 of the appeal for statistical purposes, mandating a comprehensive factual assessment by the AO with opportunity for the assessee to provide supplementary documentary evidence supporting the claims.
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