https://www.taxtmi.com/caselaws?id=238841 The Income-tax Appellate Tribunal correctly deleted the addition of Rs. 39,356 for non-filing of return for the assessment year 1995-96, as the Tribunal found that the opening balance in the balance-sheet submitted by the assessee cannot be considered as undisclosed income. Additionally, the Tribunal rightly deleted the addition of Rs. 4 lakhs made on account of alleged NRI gifts, as the gifts were received through proper banking channels, reflected in the balance-sheet, and the non-filing of the return for an assessment year below the taxable limit does not constitute undisclosed income for block assessment. The court ruled in favor of the assessee, emphasizing the proper documentation and regular filing of returns. en-us Mon, 16 Apr 2012 00:00:00 +0530 Fri, 01 Nov 2013 06:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238841 The Income-tax Appellate Tribunal correctly deleted the addition of Rs. 39,356 for non-filing of return for the assessment year 1995-96, as the Tribunal found that the opening balance in the balance-sheet submitted by the assessee cannot be considered as undisclosed income. Additionally, the Tribunal rightly deleted the addition of Rs. 4 lakhs made on account of alleged NRI gifts, as the gifts were received through proper banking channels, reflected in the balance-sheet, and the non-filing of the return for an assessment year below the taxable limit does not constitute undisclosed income for block assessment. The court ruled in favor of the assessee, emphasizing the proper documentation and regular filing of returns. Case-Laws Income Tax Mon, 16 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238841