ITAT Surat Directs Re-examination of Tax on Gift from HUF

Sachi Desai Vs ACIT (ITAT Surat) The Income Tax Appellate Tribunal (ITAT) Surat has remanded the case of Sachi Desai vs. ACIT back to the Commissioner of Income Tax (Appeals) [CIT(A)] for fresh consideration regarding the taxability of a gift received from a Hindu Undivided Family (HUF). The appeal arose from an order passed by the National Faceless Appeal Centre (NFAC), which had upheld the Assessing Officer’s (AO) classification of the gift as “income from other sources” under Section 56(2)(vii) of the Income Tax Act, 1961. The tribunal found that the CIT(A) had decided the matter ex p...