https://www.taxtmi.com/caselaws?id=360374 The Tribunal upheld the decision to treat the gift received from HUF as taxable income, rejecting the appellant's claim for exemption under Section 56(2)(vii) of the Income Tax Act. The lower authorities' findings were affirmed, emphasizing that gifts from HUF to members are not tax-free to prevent potential misuse. The Tribunal also dismissed the appellant's arguments based on judicial precedents, stating that subsequent legislative changes rendered them irrelevant. The appeal was consequently dismissed, affirming the addition of the gift amount as taxable income under Section 68 of the Act. en-us Wed, 21 Feb 2018 00:00:00 +0530 Wed, 16 May 2018 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360374 The Tribunal upheld the decision to treat the gift received from HUF as taxable income, rejecting the appellant's claim for exemption under Section 56(2)(vii) of the Income Tax Act. The lower authorities' findings were affirmed, emphasizing that gifts from HUF to members are not tax-free to prevent potential misuse. The Tribunal also dismissed the appellant's arguments based on judicial precedents, stating that subsequent legislative changes rendered them irrelevant. The appeal was consequently dismissed, affirming the addition of the gift amount as taxable income under Section 68 of the Act. Case-Laws Income Tax Wed, 21 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360374