https://www.taxtmi.com/caselaws?id=769027 Delhi HC ruled in favor of assessee regarding undisclosed investments in artworks found during search proceedings. The court held that additions made by AO and upheld by CIT(A) were unsustainable as they lacked proper valuation or cogent evidence of market value. No reference was made to Valuation Officer or independent valuer. The court found that donors confirmed gifting artworks to assessee, who operated an art gallery and knew the artists personally. Additions cannot be based on unfounded surmises and conjectures without cogent material evidence. en-us Fri, 28 Mar 2025 00:00:00 +0530 Thu, 17 Apr 2025 10:40:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769027 Delhi HC ruled in favor of assessee regarding undisclosed investments in artworks found during search proceedings. The court held that additions made by AO and upheld by CIT(A) were unsustainable as they lacked proper valuation or cogent evidence of market value. No reference was made to Valuation Officer or independent valuer. The court found that donors confirmed gifting artworks to assessee, who operated an art gallery and knew the artists personally. Additions cannot be based on unfounded surmises and conjectures without cogent material evidence. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769027