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2011 (9) TMI 242 - AT - Income TaxPartition of HUF - Recognition of partition - AO taxed the amount received on partition of HUF as gift and taxed the same as income from other sources - AO refused to accept the fact that there was a partition of the HUF because of the absence of an order under section 171 of the Act. He was of the view that on the death of the Kartha the HUF need not necessarily come to an end and that the HUF still continues. - Held that:- the money received by the Assessee in her capacity as coparcener as and towards her share of the properties of the HUF, on partition of HUF, cannot be said to be sum of money or property received without consideration. The right, title and interest of the coparcener in the assets of the HUF will itself be a consideration. - the sum received by the Assessee as and towards her share as coparcener of the HUF, from the HUF, on partition of the HUF cannot be brought to tax as income and the addition made by the AO in this regard is directed to be deleted. - Decided in favor of assessee.
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