https://www.taxtmi.com/caselaws?id=437068 The appellant's income tax assessment for A.Y. 2011-12 was reopened due to a large insurance premium payment compared to the declared income. The Assessing Officer added the premium amount under section 68 of the Income-tax Act. The appellant contended the payment source was legitimate, but the CIT(A) upheld the addition. The Tribunal, noting the payment source discrepancy, allowed the appeal partially by deleting the premium payment addition. The appellant's appeals on interest and penalty levies were dismissed. The judgment clarified fund availability and insurance company misreporting, leading to partial relief for the appellant. en-us Thu, 02 Mar 2023 00:00:00 +0530 Thu, 27 Apr 2023 08:59:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437068 The appellant's income tax assessment for A.Y. 2011-12 was reopened due to a large insurance premium payment compared to the declared income. The Assessing Officer added the premium amount under section 68 of the Income-tax Act. The appellant contended the payment source was legitimate, but the CIT(A) upheld the addition. The Tribunal, noting the payment source discrepancy, allowed the appeal partially by deleting the premium payment addition. The appellant's appeals on interest and penalty levies were dismissed. The judgment clarified fund availability and insurance company misreporting, leading to partial relief for the appellant. Case-Laws Income Tax Thu, 02 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437068