ITAT deletes addition for Amount given by HUF to Member & Held that same cannot be treated as GIFT

Gyanchand M. Bardia Vs ITO (ITAT Ahmedabad) We have also gone through all the decision as above and we find that interpreting the said section ,it has been noted in the said decisions that the section provides an exception to its applicability ,by way of proviso ,providing therein that sums received from relatives ,as defined in the section, will not qualify for taxability under the section. In all of the above decisions, except in the case of Pankil Garg (supra), the ITAT has consistently held that the gift given by HUF to its members falls within the contours of gift from such specified rela...