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of <h1>Court Dismisses Appeal on Genuine Gifts, Upholds Tribunal's Ruling on Section 68 of Income-Tax Act.</h1> <h3>Mohit Agrawal Versus The Commissioner of Income Tax</h3> Mohit Agrawal Versus The Commissioner of Income Tax - TMI Issues involved: Appeal u/s 260A of the Income-Tax Act, 1961 challenging addition made u/s 68 of the Act regarding genuineness of gifts received.Summary:The High Court heard the appeal filed by the assessee challenging the addition made under Section 68 of the Income-Tax Act, 1961. The Tribunal had dismissed the appeal and confirmed the addition, disbelieving the explanation provided by the assessee regarding the genuineness of gifts totaling Rs. 14,50,000 received from six individuals. The Tribunal found no pre-existing relationship or circumstances supporting the gifts to the assessee, who was well-off compared to the modest means of the donors. The Tribunal's decision was based on the preponderance of probability emerging from the evidence presented. The Court noted that in civil proceedings like income tax assessment, the test of preponderance of probability applied by the Tribunal was appropriate. Merely establishing the receipt of gifts through bank channels and lack of dispute from donors were not sufficient to prove the genuineness of the transactions. The Court upheld the Tribunal's decision, stating that the findings were factual and did not raise any substantial question of law. Consequently, the appeal was deemed meritless and dismissed without costs.
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