Mere enquiry about any loan/gift does not tantamount to detection of concealment of income

RELEVANT PARAGRAPH 15. Though a search and seizure operation was conducted on 31.05.2003, but no indiscrirninating material was found therein. It seems that consequent upon the search in response to a notice under section 153A the assessee opted that the original return be taken as a return under the aforesaid provision. Thereafter, a questionnaire was issued requiring the assessee to inter-alia file the details of loans and gifts given or taken in this year. The assessee furnished the details of the gifts from NRI persons, furnished copies of gift deed. The receipt of gifts is through banking...