Lack of evidence leads to partial disallowance of indexation cost and LIC premium deduction.

The Assessing Officer (AO) disallowed the entire cost of indexation claimed by the taxpayer due to insufficient documentary evidence. The Income Tax Appellate Tribunal (ITAT) found this denial unjustified and directed the AO to allow 50% of the indexation cost, amounting to Rs.24,42,262, while confirming the disallowance of the remaining Rs.24,42,262. Additionally, the deduction under Section 80C for LIC premium was permitted based on the AO's remand report. Grounds 5 and 6 were partly allowed. .....

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