Tax Tribunal Adjusts Indexation Cost Disallowance to 50% and Approves LIC Premium Deduction Based on Remand Report.

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....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.....