https://www.taxtmi.com/caselaws?id=63332 The Tribunal upheld the CIT(A)'s decision to delete additions made on account of gifts taxed under section 68 of the Act. The assessing authority had deemed the gifts as bogus due to defects in affidavits, despite evidence including confirmation letters, IT returns, and other supporting documents. The Tribunal found the gifts to be genuine based on the evidence presented, noting a close relationship between the assessee and donors supported by documentary evidence. The assessing authority's failure to utilize available powers to verify the gifts' genuineness led to the deletion of the additions, with the Revenue's appeal being dismissed. en-us Fri, 19 Sep 2008 00:00:00 +0530 Sat, 29 Jan 2011 14:29:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63332 The Tribunal upheld the CIT(A)'s decision to delete additions made on account of gifts taxed under section 68 of the Act. The assessing authority had deemed the gifts as bogus due to defects in affidavits, despite evidence including confirmation letters, IT returns, and other supporting documents. The Tribunal found the gifts to be genuine based on the evidence presented, noting a close relationship between the assessee and donors supported by documentary evidence. The assessing authority's failure to utilize available powers to verify the gifts' genuineness led to the deletion of the additions, with the Revenue's appeal being dismissed. Case-Laws Income Tax Fri, 19 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63332