Poonam Keshri vs. ITO, Ward-2(4), Ranchi

Parties Involved

Facts Summary

The appeal arises from the assessment order passed by the Assessing Officer under section 143(3) of the Income Tax Act, 1961. The assessee, Poonam Keshri, filed a return declaring income of ₹3,52,100/-. The Assessing Officer made an addition of ₹7,05,170/- under section 69A of the Act, treating investments in LIC policies as unexplained money. The assessee claimed that the investments were made partly from savings and partly by her husband in her name. The CIT(A) upheld the addition, rejecting the assessee's contentions and request for additional evidence.…

Legal Issues

• 1. Whether the addition made by the Assessing Officer regarding investments in LIC policies is justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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