HUF will be treated as Relative u/s 56(2)(vi)

Facts of the case: Assessee being an individual offered income from house property, interest and share incomes from firms and other sources. In the course of assessment, A.O. noticed that assessee has received an amount of Rs.2,50,000 as gift from HUF and also noticed that amount of Rs.90,000 was found credited to his loan account which is not reflected the firms accounts. Holding that HUF is not a ‘relative’ under section 56(2), A.O. treated the amount of Rs.2,50,000 as income of the assessee. Likewise, an amount of Rs.90,000 was also treated as income on the reason that the same was not ...