https://www.taxtmi.com/caselaws?id=437673 The Tribunal ruled in favor of the assessee, holding that any sum received by an individual as a member of an HUF, paid out of the family income, is not taxable. The Tribunal emphasized the unique nature of HUFs and their taxation principles, directing the Assessing Officer to delete the addition of Rs. 18.00 lakhs under section 56(2)(VII). Consequently, the appeal was allowed in favor of the assessee. en-us Tue, 09 May 2023 00:00:00 +0530 Fri, 12 May 2023 08:28:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437673 The Tribunal ruled in favor of the assessee, holding that any sum received by an individual as a member of an HUF, paid out of the family income, is not taxable. The Tribunal emphasized the unique nature of HUFs and their taxation principles, directing the Assessing Officer to delete the addition of Rs. 18.00 lakhs under section 56(2)(VII). Consequently, the appeal was allowed in favor of the assessee. Case-Laws Income Tax Tue, 09 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437673