https://www.taxtmi.com/caselaws?id=420205 The Tribunal held that the amount received by the assessee from his HUF is not taxable as a gift under Section 56(2)(vii) of the Income Tax Act. Citing consistent decisions and the case of Pankil Garg v. PCIT, Karnal, the Tribunal ruled in favor of the assessee, overturning the Assessing Officer and CIT(A)'s decision. The Tribunal allowed the appeal, directing the deletion of the addition made by the A.O. and setting aside the CIT(A)'s order. en-us Fri, 25 Mar 2022 00:00:00 +0530 Mon, 28 Mar 2022 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420205 The Tribunal held that the amount received by the assessee from his HUF is not taxable as a gift under Section 56(2)(vii) of the Income Tax Act. Citing consistent decisions and the case of Pankil Garg v. PCIT, Karnal, the Tribunal ruled in favor of the assessee, overturning the Assessing Officer and CIT(A)'s decision. The Tribunal allowed the appeal, directing the deletion of the addition made by the A.O. and setting aside the CIT(A)'s order. Case-Laws Income Tax Fri, 25 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420205