https://www.taxtmi.com/caselaws?id=329505 The Tribunal upheld the AO's decision regarding gifts totaling Rs. 12,00,000 received from donors lacking financial capacity. The gifts were deemed non-genuine under Section 68 of the Income-tax Act, 1961, as per precedents emphasizing the need for credible evidence. Additionally, Section 56(1)(v) was applied to tax gifts from non-relatives, which the assessee failed to refute. The Tribunal found the assessee did not prove the genuineness of transactions and dismissed the appeal, affirming the additions under Sections 68 and 56(1)(v). The judgment was pronounced on June 08, 2016. en-us Wed, 08 Jun 2016 00:00:00 +0530 Mon, 04 Jul 2016 20:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329505 The Tribunal upheld the AO's decision regarding gifts totaling Rs. 12,00,000 received from donors lacking financial capacity. The gifts were deemed non-genuine under Section 68 of the Income-tax Act, 1961, as per precedents emphasizing the need for credible evidence. Additionally, Section 56(1)(v) was applied to tax gifts from non-relatives, which the assessee failed to refute. The Tribunal found the assessee did not prove the genuineness of transactions and dismissed the appeal, affirming the additions under Sections 68 and 56(1)(v). The judgment was pronounced on June 08, 2016. Case-Laws Income Tax Wed, 08 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329505