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of <h1>Tribunal overturns I.T. Act addition, accepts evidence proving disputed gifts.</h1> The Tribunal allowed the appeal, overturning the addition under section 68 of the I.T. Act concerning disputed gifts received by the assessee. Despite the ... Assessment Issues: Disputed addition under section 68 of the I.T. ActAnalysis:1. The appeal was filed against the order of the ld. Commissioner (Appeals) regarding the assessment under section 143(3) for the assessment year 1997-98.2. The assessee disputed the addition of Rs. 93,000 under section 68 of the I.T. Act, claiming to have received three gifts of Rs. 31,000 each from specific individuals.3. The Assessing Officer could not verify the existence of the donors as the assessee failed to produce them despite summons and inquiries.4. The ld. Commissioner (Appeals) upheld the addition, leading to the appeal before the Tribunal.5. The assessee argued that the provisions of section 68 did not apply as the impugned amount did not appear as a cash credit in the books of account, but admitted the applicability of section 69.6. The assessee provided various documents during the hearing, including income tax returns, gift deeds, and affidavits to establish the identity of the donors who were regularly assessed to tax.7. The Tribunal found merit in the evidence presented by the assessee, directing the deletion of the addition of Rs. 93,000 and allowing the appeal.Decision:The Tribunal allowed the appeal filed by the assessee, overturning the addition under section 68 of the I.T. Act.
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