https://www.taxtmi.com/highlights?id=77217 Addition u/s 68 - ITAT confirmed the additions - The High Court upheld the Tribunal's decision, affirming the dismissal of the appeal. It concurred with the Tribunal's analysis, emphasizing that the assessment of income tax is a civil proceeding, wherein the test of preponderance of probability is applicable. The Court agreed that the explanation provided by the appellant regarding the gifts lacked sufficient evidence of genuineness. It noted the absence of any disclosed basis or relationship for the gifts, reinforcing the Tribunal's decision. en-us Tue, 07 May 2024 09:59:42 +0530 Tue, 07 May 2024 09:59:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=77217 Addition u/s 68 - ITAT confirmed the additions - The High Court upheld the Tribunal's decision, affirming the dismissal of the appeal. It concurred with the Tribunal's analysis, emphasizing that the assessment of income tax is a civil proceeding, wherein the test of preponderance of probability is applicable. The Court agreed that the explanation provided by the appellant regarding the gifts lacked sufficient evidence of genuineness. It noted the absence of any disclosed basis or relationship for the gifts, reinforcing the Tribunal's decision. Highlights Income Tax Tue, 07 May 2024 09:59:42 +0530 https://www.taxtmi.com/highlights?id=77217