https://www.taxtmi.com/caselaws?id=433822 The ITAT Rajkot allowed both appeals filed by the Assessee. The delay in filing the appeal before the Ld. CIT(A)-NFAC was condoned as the Assessee showed sufficient cause for the delay. The validity of the notice issued under section 148 of the Income Tax Act, 1961 was deemed invalid due to the actual premium amount being below the reassessment threshold. The addition of Rs. 9,99,000 for an alleged unexplained investment in a Life Insurance Policy was unjustified and ordered to be deleted. The penalty under section 272A(1)(c) for non-compliance with statutory notices was also deleted as the Assessee's taxable income was below the prescribed limit. en-us Tue, 31 Jan 2023 00:00:00 +0530 Fri, 10 Feb 2023 20:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433822 The ITAT Rajkot allowed both appeals filed by the Assessee. The delay in filing the appeal before the Ld. CIT(A)-NFAC was condoned as the Assessee showed sufficient cause for the delay. The validity of the notice issued under section 148 of the Income Tax Act, 1961 was deemed invalid due to the actual premium amount being below the reassessment threshold. The addition of Rs. 9,99,000 for an alleged unexplained investment in a Life Insurance Policy was unjustified and ordered to be deleted. The penalty under section 272A(1)(c) for non-compliance with statutory notices was also deleted as the Assessee's taxable income was below the prescribed limit. Case-Laws Income Tax Tue, 31 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433822