Tax Tribunal Adjusts Indexation Cost Disallowance to 50% and Approves LIC Premium Deduction Based on Remand Report. https://www.taxtmi.com/highlights?id=84635 AO disallowed entire cost of indexation claimed by assessee for lack of documentary evidence. ITAT held denial unjustified, directed AO to allow 50% of indexation amounting to Rs.24,42,262/-. Balance disallowance of Rs.24,42,262/- confirmed. Deduction u/s 80C towards LIC premium allowed as per AO's remand report. Ground no.5 & 6 partly allowed. en-us Tue, 07 Jan 2025 07:56:21 +0530 Tue, 07 Jan 2025 07:56:21 +0530 TaxTMI RSS Generator Tax Tribunal Adjusts Indexation Cost Disallowance to 50% and Approves LIC Premium Deduction Based on Remand Report. https://www.taxtmi.com/highlights?id=84635 AO disallowed entire cost of indexation claimed by assessee for lack of documentary evidence. ITAT held denial unjustified, directed AO to allow 50% of indexation amounting to Rs.24,42,262/-. Balance disallowance of Rs.24,42,262/- confirmed. Deduction u/s 80C towards LIC premium allowed as per AO's remand report. Ground no.5 & 6 partly allowed. Highlights Income Tax Tue, 07 Jan 2025 07:56:21 +0530 https://www.taxtmi.com/highlights?id=84635