https://www.taxtmi.com/caselaws?id=343672 The Tribunal upheld the decision that the gift received from the HUF is exempt under sections 56(2)(vi) and 10(2) of the Income Tax Act, 1961. Additionally, the Tribunal directed the Assessing Officer to allow consequential relief regarding interest charged under sections 234B and 234C. The penalty imposed under section 271(1)(c) was deleted as the Tribunal found no basis for it to stand after deleting the quantum addition, thereby dismissing the Revenue's appeal. en-us Wed, 19 Apr 2017 00:00:00 +0530 Wed, 31 May 2017 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343672 The Tribunal upheld the decision that the gift received from the HUF is exempt under sections 56(2)(vi) and 10(2) of the Income Tax Act, 1961. Additionally, the Tribunal directed the Assessing Officer to allow consequential relief regarding interest charged under sections 234B and 234C. The penalty imposed under section 271(1)(c) was deleted as the Tribunal found no basis for it to stand after deleting the quantum addition, thereby dismissing the Revenue's appeal. Case-Laws Income Tax Wed, 19 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343672