https://www.taxtmi.com/caselaws?id=249472 The Tribunal upheld the addition of unexplained income under Section 68 of the Income Tax Act, 1961, due to the assessee's failure to prove the genuineness of gifts. The Tribunal also confirmed the levy of penalty under Section 271(1)(c) as the assessee could not provide satisfactory explanations, resulting in a penalty of 100% of the tax sought to be evaded. The judgment stressed the necessity of substantiating claims with evidence to avoid statutory presumptions and penalties under the Income Tax Act. en-us Fri, 20 Jun 2014 00:00:00 +0530 Tue, 15 Jul 2014 06:28:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249472 The Tribunal upheld the addition of unexplained income under Section 68 of the Income Tax Act, 1961, due to the assessee's failure to prove the genuineness of gifts. The Tribunal also confirmed the levy of penalty under Section 271(1)(c) as the assessee could not provide satisfactory explanations, resulting in a penalty of 100% of the tax sought to be evaded. The judgment stressed the necessity of substantiating claims with evidence to avoid statutory presumptions and penalties under the Income Tax Act. Case-Laws Income Tax Fri, 20 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249472