Addition u/s 68 - ITAT confirmed the additions - The High Court ...

Case Laws Income Tax

May 7, 2024

Addition u/s 68 - ITAT confirmed the additions - The High Court upheld the Tribunal's decision, affirming the dismissal of the appeal. It concurred with the Tribunal's analysis, emphasizing that the assessment of income tax is a civil proceeding, wherein the test of preponderance of probability is applicable. The Court agreed that the explanation provided by the appellant regarding the gifts lacked sufficient evidence of genuineness. It noted the absence of any disclosed basis or relationship for the gifts, reinforcing the Tribunal's decision.

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Addition u/s 68 - ITAT confirmed the additions - The High Court ...

Case Laws Income Tax

May 7, 2024

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