A woman who declared ₹4.81 lakh income invested ₹50 lakh in an LIC policy, claiming the money came from her late husbands HUF. ITAT rejected her explanation for lack of evidence and upheld the ₹50 lakh addition as unexplained investment.
Bought a ₹50 lakh LIC policy on ₹4.81 lakh income? Why ITAT rejected the womans claim and upheld the tax addition
livemint.com - 20 Oct 2026 22:59
A woman who declared ₹4.81 lakh income invested ₹50 lakh in an LIC policy, claiming the money came from her late husbands HUF. ITAT rejected her explanation for lack of evidence and upheld the ₹50 lakh addition as unexplained investment.
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