https://www.taxtmi.com/caselaws?id=782728 ITAT partly allowed the assessee's appeal. It upheld in principle the disallowance of exemption claimed under s.56(2) on cash gifts received from an HUF, holding that post Finance Act 2012 an HUF is recognized as a donee and not as a donor, and that HUF cannot be equated with "relatives" for this purpose. However, the Tribunal accepted the alternative plea that exemption under s.10(2) may be available and remanded the issue to the AO for fresh examination of facts and applicability of s.10(2). The addition relating to alleged off-market commodity trading profits was also set aside for de novo verification by the AO with specified parameters. en-us Tue, 04 Nov 2025 00:00:00 +0530 Wed, 03 Dec 2025 08:57:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782728 ITAT partly allowed the assessee's appeal. It upheld in principle the disallowance of exemption claimed under s.56(2) on cash gifts received from an HUF, holding that post Finance Act 2012 an HUF is recognized as a donee and not as a donor, and that HUF cannot be equated with "relatives" for this purpose. However, the Tribunal accepted the alternative plea that exemption under s.10(2) may be available and remanded the issue to the AO for fresh examination of facts and applicability of s.10(2). The addition relating to alleged off-market commodity trading profits was also set aside for de novo verification by the AO with specified parameters. Case-Laws Income Tax Tue, 04 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782728