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HUF Gift to Member: Why It Should Be Treated as Exempt Under Section 10(2)?
Case Law Details
- Case Name
- Seema Sureka Vs DCIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Kolkata
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Seema Sureka Vs DCIT (ITAT Kolkata)
ITAT Kolkata held that addition under section 56(2) towards receipt of gift from HUF to be re-considered for exemption under section 10(2) of the Income Tax Act. Accordingly, matter restored back to AO with specific direction.
Facts-In this case, a search and seizure operation was conducted on the Adhunik Group on 17th and 18th December, 2014. In this matter there were three issues before the Ld. CIT(A) : (i) Misc. receipts of Rs. 96,000/- in cash shown as gifts received, and offered to tax; (ii) Receipt of a gift of Rs. 5,84,000/- from an H...
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