2022 (6) TMI 453

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.... following grounds of appeal:- "The learned Commissioner of Income Tax (Appeals) National Faceless Centre erred in law and on facts in confirming addition of Rs. 7,35,785/- made by Assessing Officer in respect of 1St INSTALLMENT RECEIVED FROM LIC FOR SINGLE PREMIUM POLICY U/S. 10(10D) OF THE ACT as against Rs. 61,103/- 2. The appellant reserves right to amend, to modify or to withdraw any ground of appeal." 3. The brief facts of the case are that the assessee is an individual senior citizen deriving "income from other sources" only. During the year under consideration, the assessee received 1st installment of Rs. 7,95,000/- from LIC in respect of one-time premium policy (single premium policy) after deduction of TDS of ....

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....sum of Rs. 7,35,785/- (7,95,000/- i.e. the 1st installment received by the assessee less Rs. 59,215 being the sum already considered in the return of income by the assessee) as taxable income in the hands of the assessee. The Ld. CIT(A) confirmed the addition by observing as below: "2.3 I have perused the facts of the case, the assessment order and the submissions of the appellant. Ground No. 1 and 2 are interrelated and regarding disallowance of Rs, 7,35,785/- as receipts of Rs. 7,95,000/- of 1st instalment of insurance policy. In original return of income, entire income was offered to tax. After revision of return of income, deduction of Rs. 7,95,000/- was claimed on account of proportionate cost of one time premium paid. ....