https://www.taxtmi.com/caselaws?id=441172 The Tribunal upheld the CIT(A)'s order, dismissing the Revenue's appeal and confirming the deletion of additions made under Section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently proven the creditworthiness of the donor and the genuineness of the gift transaction, supported by documentary evidence. The Tribunal emphasized that the addition under Section 68 could not be upheld in the absence of concrete evidence contradicting the genuineness of the gifts. en-us Mon, 31 Jul 2023 00:00:00 +0530 Thu, 03 Aug 2023 07:55:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441172 The Tribunal upheld the CIT(A)'s order, dismissing the Revenue's appeal and confirming the deletion of additions made under Section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently proven the creditworthiness of the donor and the genuineness of the gift transaction, supported by documentary evidence. The Tribunal emphasized that the addition under Section 68 could not be upheld in the absence of concrete evidence contradicting the genuineness of the gifts. Case-Laws Income Tax Mon, 31 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441172