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

Author
View profile
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

Daily Limit Reached

You have reached your daily limit of 2 Free Judgements

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?
  • No Ads
  • WhatsApp Community
  • Daily E-Newsletter
  • Unlimited Judgements Access
  • Profile Visitors
  • Link Social Profiles
  • Featured Job Posts
  • Pro Badge
  • Expert GST Guidance
  • Unlimited Forum Replies
  • Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

View all CCI PRO benefits

Already a PRO member? Login here for an ad-free experience. 07941056694

 
downloaded 255 times


Guest

Judgement posted by

Guest

View Judgements
Comments


Recent Judgments :

  1. CESTAT: Service Tax Demand Based Solely on ITR Data Unsustainable; 40% Valuation Applicable to Original Works Contract
  2. CESTAT: Renting Vehicles on Per-Trip Basis Not Taxable as Supply of Tangible Goods
  3. CESTAT Denies Refund of Ocean Freight Service Tax Claim Filed Beyond Limitation
  4. CESTAT Quashes Service Tax Demand Based Merely on Form 26AS; Renting of Residential Hostel Held Non-Taxable
  5. CESTAT: Rajasthan Sales Tax Subsidy under RIPS 2010 Not includible in Excise Assessable Value
  6. CESTAT: Late Payment Charges in the Nature of Interest Not Taxable as Declared Service
  7. CESTAT: Educational Services Exempt Under Section 66D; Extended Period Cannot Be Invoked Without Wilful Suppression
  8. CESTAT: No Service Tax on Royalty under RCM if Mining Lease Was Executed Before 1 April 2016
  9. No pre-deposit required for filing appeal before the GSTAT against penalty-only orders where proceedings commenced prior to October 01 2025
  10. Refund cannot be withheld under Section 54(11) of the CGST Act merely because the Revenue contemplates filing an appeal

View More Judgments »


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member arun luharukaarun luharukaPro Member R.Chandrakanthan,M.A,B.L,M.B.AR.Chandrakanthan,M.A,B.L,M.B.APro Member Saumil KapadiaSaumil KapadiaPro Member SUBHASH SAHASUBHASH SAHAPro Member Eshwari NirmalEshwari Nirmal
Subscribe to Pro
Join an elite circle of professionals

Browse by Category




Latest Job Openings

View all
Company
12 October 2026
Chartered Accountant - Internal Audit

HKC | Chartered Accountants & Business Advisors

Ludhiana

CA

View Details
Company
ARTICLESHIP 28 October 2026
Article assistants

Shyam S Gupta and Company

New Delhi

CA Inter

View Details
Company
19 October 2026
Accountants/Articles (Freshers/Experienced)

ADY & CO.

New Delhi

Graduate (Any)

View Details
Company
14 October 2026
GST & TDS ASSISTANT

AGGARWAL SANJAY & ASSOCIATES

New Delhi

B.Com

View Details
Company
15 October 2026
Senior Accountant

Continental Belting Pvt Ltd

Mumbai

B.Com

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
24 October 2026
CA Industrial Trainee

Fytomax Nutrition Private Limited

Aurangabad

CA Inter

View Details
Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details