https://www.taxtmi.com/caselaws?id=239440 The Tribunal allowed the Assessee's appeal, ruling that the gift of Rs. 7,00,000/- received by the HUF from a relative is not taxable under Section 56(2) of the Income Tax Act. The Tribunal clarified that the definition of "Relative" should encompass gifts received by HUFs from relatives, ensuring that the proviso to Section 56(2)(v) applies to both individuals and HUFs. en-us Fri, 26 Apr 2013 00:00:00 +0530 Thu, 14 Nov 2013 22:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239440 The Tribunal allowed the Assessee's appeal, ruling that the gift of Rs. 7,00,000/- received by the HUF from a relative is not taxable under Section 56(2) of the Income Tax Act. The Tribunal clarified that the definition of "Relative" should encompass gifts received by HUFs from relatives, ensuring that the proviso to Section 56(2)(v) applies to both individuals and HUFs. Case-Laws Income Tax Fri, 26 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239440