Vineetkumar Raghavjibhai Bhalodia vs. ITO (ITAT Rajkot)- HUF is a relative inasmuch as HUF is a collective name given to group consisting of individuals, all of whom are relatives under Explanation to Proviso to section 56(2) of the Act. The ld.AR submitted that the term individual would include a group of individuals, hence, an HUF would be covered by the term individual.
Assessing interest expenses disallowance. Own funds cover interest-free advances. Proportionate disallowance if own funds insufficient. Judicial discipline emphasized.
