https://www.taxtmi.com/caselaws?id=65085 The Tribunal dismissed grounds challenging the validity of the search under section 132. It ruled that the assessee's statements admitting non-genuine gifts were not conclusive and could be rebutted. After examining evidence, including gift deeds and bank statements, the Tribunal found the gifts genuine, deleting Rs. 61,80,000 as undisclosed income. Regarding business profits, it rejected the 5% net profit rate, accepting 2.67% from a sister concern, resulting in a lower undisclosed income. The total undisclosed income was determined as Rs. 86,82,110, and the appeal was disposed of accordingly. en-us Sun, 19 Jan 2003 00:00:00 +0530 Sat, 12 Feb 2011 12:22:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65085 The Tribunal dismissed grounds challenging the validity of the search under section 132. It ruled that the assessee's statements admitting non-genuine gifts were not conclusive and could be rebutted. After examining evidence, including gift deeds and bank statements, the Tribunal found the gifts genuine, deleting Rs. 61,80,000 as undisclosed income. Regarding business profits, it rejected the 5% net profit rate, accepting 2.67% from a sister concern, resulting in a lower undisclosed income. The total undisclosed income was determined as Rs. 86,82,110, and the appeal was disposed of accordingly. Case-Laws Income Tax Sun, 19 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65085