2007 (5) TMI 192 - SC - Income Tax

Whether Tribunal was correct to accept the principle of preponderance of probabilities in holding that the claim of the appellant that the sum received by way of gifts through normal banking channels was not genuine and that it was liable to be assessed u/s 68 - Whether the conclusion of the Tribunal that the claim of gift is not genuine is reasonable and based on relevant material and not perverse - HC committed error in disturbing the concurrent findings of fact - Appeal of revenue allowed