Tax Tribunal Adjusts Indexation Cost Disallowance to 50% and Approves LIC Premium Deduction Based on Remand Report.

AO disallowed entire cost of indexation claimed by assessee for lack of documentary evidence. ITAT held denial unjustified, directed AO to allow 50% of indexation amounting to Rs.24,42,262/-. Balance disallowance of Rs.24,42,262/- confirmed. Deduction u/s 80C towards LIC premium allowed as per AO's remand report. Ground no.5 & 6 partly allowed. .....

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