Gift by individual to HUF is exempt same as a gift from HUF to its member

Pankil Garg Vs PCIT (ITAT Chandigarh) Conclusion: Amount received by assessee from ‘HUF’, being its member, was a capital receipt in his hands and was not exigible to income tax as in case of individual, the HUF has not been included in the definition of relative in explanation to section 56(2) (vii) as it was not so required because in case of HUF, members of the HUF already find mention in the definition of ‘relative’ for the purpose of the said section. Held: Assessment was framed u/s 143(3) accepting the returned income of assessee. Assessment was reopened u/s 147 only to examine t...