https://www.taxtmi.com/caselaws?id=795498 Foreign investments and bank balances cannot be treated as undisclosed assets where their source is explained through gifts received while resident abroad and supported by notarised declarations, banking records, donor confirmations on oath, and verification evidence. In the absence of material disproving the donors, transactions, or foreign source, suspicion cannot replace evidence, and the foreign-asset addition is deleted. A penalty based entirely on that addition has no independent basis and is consequently deleted. en-us Tue, 02 Jun 2026 00:00:00 +0530 Thu, 23 Jul 2026 08:42:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795498 Foreign investments and bank balances cannot be treated as undisclosed assets where their source is explained through gifts received while resident abroad and supported by notarised declarations, banking records, donor confirmations on oath, and verification evidence. In the absence of material disproving the donors, transactions, or foreign source, suspicion cannot replace evidence, and the foreign-asset addition is deleted. A penalty based entirely on that addition has no independent basis and is consequently deleted. Case-Laws Income Tax Tue, 02 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795498