HUF Gift to Member: Why It Should Be Treated as Exempt Under Section 10(2)?

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 HUF, claimed as ex...