Tribunal Orders Detailed Probe into Insurance Policy Assignment and Unexplained Cash Deposits Totaling Rs. 30 Lakhs

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ITAT remanded the case to AO for further verification on two key issues: (1) the genuineness and effective date of a key man insurance policy assignment, requiring LIC confirmation of the assignment's validity and documentation; and (2) unexplained cash deposits of Rs. 30 lakhs, directing AO to scrutinize the assessee's claim of cash sourcing by examining withdrawal patterns, household expenses, and marriage-related expenditures. The tribunal allowed grounds 2 and 3 of the appeal for statistical purposes, mandating a comprehensive factual assessment by the AO with opportunity for the assessee to provide supplementary documentary evidence supporting the claims.....