Disallowance of 40% of expenditure claimed by the assessee in earning income from LIC.

Last updated: 03 March 2021
Quick Summary
The Income Tax Appellate Tribunal considered an appeal by an individual who earns commission as a Life Insurance Corporation (LIC) agent. The Assessing Officer (AO) disallowed approximately 40% of the claimed expenditure, adding Rs.7,39,381/- to the assessee's income. This disallowance was based on unexplained credit entries in the assessee's bank statement described as 'NSC commission received from Post Master'. The assessee disputed this addition.

Court :
ITAT Bangalore

Brief :
This is an appeal of the assessee against the order dated 26.07.2019 passed by CIT(A), Mysore, relating to Assessment Year 2010-11. The first issue that arises for consideration in this appeal is as to whether the Revenue authorities were justified in making an addition of Rs.7,39,381/-.

Citation :
ITA 2198/BANG/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)

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