https://www.taxtmi.com/caselaws?id=70829 Addition treating alleged NRI "gifts" as undisclosed income in a block assessment post-search was examined. The ITAT held the AO's conclusion that partners or their relatives received gifts from flat purchasers lacked any factual foundation and was contradicted by the record; the alleged equal sharing among some partners was also inherently improbable, undermining the inference. The ITAT further held that presumptions under s.132(4A) were wrongly invoked and stood rebutted by donees' statements, gift deeds, and banking/NRE account evidence, and that seized loose papers/visitor slips were non-speaking and uncorroborated, insufficient to presume on-money. The undisclosed income addition was deleted. en-us Mon, 24 May 1999 00:00:00 +0530 Fri, 19 Dec 2025 20:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70829 Addition treating alleged NRI "gifts" as undisclosed income in a block assessment post-search was examined. The ITAT held the AO's conclusion that partners or their relatives received gifts from flat purchasers lacked any factual foundation and was contradicted by the record; the alleged equal sharing among some partners was also inherently improbable, undermining the inference. The ITAT further held that presumptions under s.132(4A) were wrongly invoked and stood rebutted by donees' statements, gift deeds, and banking/NRE account evidence, and that seized loose papers/visitor slips were non-speaking and uncorroborated, insufficient to presume on-money. The undisclosed income addition was deleted. Case-Laws Income Tax Mon, 24 May 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70829