Case Law Details
Case Name : Gyanchand M. Bardia Vs. The Income Tax Officer (ITAT Ahmedabad)
Related Assessment Year : 2012-13
Courts :
All ITAT ITAT Ahmedabad
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Gyanchand M. Bardia Vs. ITO (ITAT Ahmedabad)
The first dispute between the parties is qua validity of assessee’s gift claim as received from the HUF amounting to Rs. 1,02,00,000/- coming through banking channel. Both the lower authorities are of the view that an HUF does not come under the specified category of a relative in Section 56(2)(vii) as applicable w.e.f. 01.10.2009. The assessee’s main reliance is on this tribunal’s Rajkot bench decision in Vineetkumar Raghavjibhai Bhalodia vs. ITO (supra) accepting a similar gift claim of individual assessee from HUF. The Revenue has preferred...
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Very poor judgement. The one decided by ITAT Mumbai was logical – https://taxguru.in/income-tax/gift-received-from-a-huf-by-a-member-of-huf-is-exempt-from-tax.html