https://www.taxtmi.com/caselaws?id=359875 The High Court held that the Income Tax Appellate Tribunal (ITAT) erred in deleting the addition of Rs. 50,00,000/- as undisclosed income, as the gifts were found to be arranged and not genuine. The Court also ruled that the Assessing Officer was justified in adding this income in the block assessment proceedings. Additionally, the penalty imposed under Section 158 BFA(2) was upheld as consequential to the undisclosed income addition. The Tribunal's decision was deemed incorrect and contrary to the facts and evidence on record. en-us Mon, 23 Apr 2018 00:00:00 +0530 Tue, 07 Apr 2026 14:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359875 The High Court held that the Income Tax Appellate Tribunal (ITAT) erred in deleting the addition of Rs. 50,00,000/- as undisclosed income, as the gifts were found to be arranged and not genuine. The Court also ruled that the Assessing Officer was justified in adding this income in the block assessment proceedings. Additionally, the penalty imposed under Section 158 BFA(2) was upheld as consequential to the undisclosed income addition. The Tribunal's decision was deemed incorrect and contrary to the facts and evidence on record. Case-Laws Income Tax Mon, 23 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359875