https://www.taxtmi.com/caselaws?id=461626 ITAT DELHI upheld additions for undisclosed investment in paintings worth Rs. 34,67,900 after rejecting assessee's claim of receiving paintings as gifts from six celebrated artists. The tribunal found the gifting theory implausible given assessee's business relationship with artists through partnerships and directorship. However, ITAT deleted addition regarding one painting by Anjolie Ela Menon after verifying payment was made by another company through proper documentation. Addition for household expenses was also deleted following precedent from assessee's mother's case. Appeal partially allowed. en-us Fri, 23 Mar 2018 00:00:00 +0530 Thu, 17 Apr 2025 08:35:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461626 ITAT DELHI upheld additions for undisclosed investment in paintings worth Rs. 34,67,900 after rejecting assessee's claim of receiving paintings as gifts from six celebrated artists. The tribunal found the gifting theory implausible given assessee's business relationship with artists through partnerships and directorship. However, ITAT deleted addition regarding one painting by Anjolie Ela Menon after verifying payment was made by another company through proper documentation. Addition for household expenses was also deleted following precedent from assessee's mother's case. Appeal partially allowed. Case-Laws Income Tax Fri, 23 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461626