Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (12) TMI 262 - HC - Income TaxCash gifts received in cheque from relatives and blended with the HUF account - Applicability of section 56 and 64(2) Affidavits filed by the donors before AO ignored - Whether the Tribunal is right in presuming that the cash gifts were directly received by the appellant-HUF even though the cash gifts through cheques were received in the individual name only and thereafter blended with the HUF account Held that:- The AO doubted the genuineness of the transaction, however, stated that the gifts received by the individual were duly accounted in HUF account and therefore added in the amount in the name of the HUF assesse contended that Section 64 (2) alone would get attracted and not Section 56(2) was not considered by the Tribunal and therefore the legal plea raised by the assessee has been totally ignored - the Tribunal has not considered the legal plea so raised and therefore prejudice is caused to the appellant in not considering this legal plea also, the issue as to the applicability of Section 64(2), as contended, should have been considered by the Tribunal in the manner in which the assessee justifies the transaction - the issue raised by the appellant requires an in-depth analysis of both the provisions, viz., Section 56(2)(vii) and Section 64(2) of the Income Tax Act thus, the order of the Tribunal is set aside and the matter is remitted back to the AO for fresh consideration decided in favour of assesse.
|