Undisclosed Investment in Family Property Deemed Income; Court Upholds ITAT's Decision on Payment Disputes.

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....In the case before Punjab and Haryana High Court, undisclosed investment made to acquire rights in family property was deemed as undisclosed income for the block period. The revenue authorities found a receipt during search indicating the sister-in-law confirmed receiving the amount with no further payment due. The Income Tax Appellate Authority rejected the sister-in-law's certificate as biased towards the appellant. The court upheld the ITAT's decision that the property was handed over after full payment, supported by a demand draft receipt. The appellant's subsequent payments to the sister-in-law were not considered relevant as they were made after the search and without clear indication of settling the remaining amount. The appeal was dismissed, affirming the ITAT's order.....