Insurance agent deposited Rs 35 lakh in cash collected as policy premiums; tax officer called it unexplained money saying his name was missing from some policies, why ITAT Jaipur gave full relief

The insurance agent in the case deposited Rs 35 lakh in cash into his bank account. The department classified the amount as “unexplained money” and sought details of its source. The man maintained that the cash was not his personal money but represented insurance premiums collected from customers who had bought policies through him.