TaxTMI 
TaxTMI 
2014 (12) TMI 262
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....ame of individual from his close relatives and thereafter blended with the account of HUF would attract section 56 of the Act and not section 64(2) of the Act? 2. Whether on the facts and circumstances of the case, the Appellate Tribunal is right in law in presuming that the cash gifts were directly received by the appellant-HUF even though the said cash gifts through cheques were received in the individual name only and thereafter blended with the HUF account, ignoring the affidavits filed by the donors before the assessing officer itself? 3. Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that Section 56(2)(vi) clause (vii) is not applicable to the present assessment year eve....
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....nding that the transaction in this case will be covered by Section 64(2) and not Section 56 of the Income Tax Act. The Commissioner of Income Tax (Appeals), however, did not consider the plea of the assessee and dismissed the appeal, which forced the appellant to prefer further appeal before the Tribunal. 4. Before the Tribunal, the assessee raised a specific ground stating that Section 64(2) of the Income Tax Act alone will apply to the transaction, as he has received the amount as an individual and transferred it to the HUF. This argument was not considered by the Tribunal as well. The Tribunal upheld the order of the Assessing Officer who placed reliance on 56(2)(vi) by reading into the amendment to Section 56(2) by virtue of clause (vi....
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....year from any person or persons on or after the 1st day of April, 2006 but before the 1st day of October, 2009, the whole of the aggregate value of such sum: Provided that this clause shall not apply to any sum of money received_ (a) from any relative; or (b) on the occasion of the marriage of the individual; or (c) under a will or by way of inheritance; or (d) in contemplation of death of the payer; or (e) from any local authority as defined in the Explanation to clause (2) of section 10; or (f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of Section 10; or (g) from any trust or institution registered under....
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....nto the common stock of the family or been transferred by the individual, directly or indirectly, to the family otherwise than for adequate consideration (the property so converted or transferred being hereinafter referred to as the converted property)], then, notwithstanding anything contained in any other provision of this Act or in any other law for the time being in force, for the purpose of computation of the total income of the individual under this Act for any assessment year commencing on or after the 1st day of April, 1971 - (a) the individual shall be deemed to have transferred the converted property, through the family, to the members of the family for being held by them jointly; (b) the income derived from the converted proper....