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TMI Blog2023 (4) TMI 1094X X X X Extracts X X X X X X X X Extracts X X X X ..... made the payment and not through the bank reported by the Insurance Company and it is from the branch in which assessee is maintaining bank account. Payments of premium is concerned assessee has clearly brought on record that assessee has in fact made the payment. With regard to source of funds there is no doubt on the statements and financial record submitted by the assessee that assessee has enough funds to make the above said insurance payment. Therefore, the reason for reopening of the assessment is already clarified and addressed by the assessee. However, the issue was complicated because of the misreporting of the insurance company. Therefore, the ground raised by the assessee is accordingly, allowed. - ITA NO.2971/MUM/2022 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... details submitted by the assessee, he observed that there is no bank entries of ₹.6,00,000/- paid in two installments by the assessee from HDFC bank. To verify the claim Assessing Officer issued notice to the insurance company STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED for confirmation of payment of ₹.6,00,000/-. In reply the insurance company submitted as under: - Sr.No. Policy no. Product Name Policy issue date Sun Assured Premium amount Bank Name Mode of Payment 1 00325087 SUD-Life Dhan Suraksha-3 29.04.2011 3300 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ddition of Rs:6,00,000/-for want of proof of source of insurance premium paid by the appellant to the insurance company which are available with the appellant as mentioned in the statement of facts above. b. The Appellant is an individual. The return of income was e-filed on 20th November 2012 declaring total income of Rs. 1,60,630/-The return for income was processed u/s 143(1). No scrutiny assessment was carried out in this case of appellant. c. Subsequently, the Assessing Officer received information from the DDIT(Investigation) unit 7(3), Mumbai that the appellant has paid annual insurance premium of Rs. 600,000/ which is much higher than the income returned by him. d. Thereafter the case was reopened u/s 147 after record ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mode of Payment 00325087 29.04.2011 3,00,000/- Bank of India Andheri (West) CH No 146324 Dated 22.03.2011 31.03.2011 Punjab Maharashtra Co - OpBank Ltd, Fort CHno42111 debited by bank by 19.03.2011 00481129 31.0.2012 3,00,000/- Bank of India Andheri (West) CHNo 95349 Dated 28.03.2012 Not available HDFC Bank Andheri (West) CH no 953427 debited by bank by 30.03.2012 The ITO has observed that the appellant was n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ents. Therefore, the addition made by the AO to the tune of Rs. 6,00,000/- is confirmed and this ground of appeal is also dismissed. 8. Aggrieved assessee is in appeal before us raising following grounds in its appeal: - 1. In the facts and the circumstances of the case and in law, the learned A.O. erred in passing the order u/s 143(3) r.w.s 147 only on the basis of information received from the insurance company in respect of premium paid by the appellant and thereby making the reassessment only on the basis of borrowed satisfaction. Without prejudice to the above and alternatively, 2. In the facts and circumstances of the case and in law, the learned A.O. erred in making an addition of Rs. 6,00,000/-for want of pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee has maintained bank account were submitted before tax authorities, the issue raised may be because of misreporting by the insurance company. He submitted that tax authorities have observed the total income declared by the assessee in the return of income in which it is declared net income not the gross income. He submitted that the tax authorities themselves have observed that assessee has other transactions like share transactions and other income, this itself clearly shows that assessee has enough sources of funds to make the insurance premium. Therefore, he prayed that the addition made by the Assessing Officer may be deleted. 11. On the other hand, Ld. DR relied on the orders passed by the lower authorities. 12. Considered the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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