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2015 (8) TMI 121 - AT - Income TaxGift from HUF - Holding that HUF is not a ‘relative’ under section 56(2), A.O. treated the amount as income of the assessee - Held that:- The issue of HUF being treated as ‘Relative’ so as to get exemption as per the provisions of section 50(2)(vi) has been considered in the case of Vineetkumar Raghavjibhai Bhalodia vs. ITO (2011 (5) TMI 584 - ITAT RAJKOT ) wherein similar issue was considered to hold that HUF can be treated as a ‘relative’ under the provisions of section 56(2) so as to exclude the amount received from HUF by the assessee-individual. Accordingly, we set aside the order of the Ld. CIT(A) and A.O. on this issue and direct the A.O. to treat the amount of ₹ 2,25,000 received from the HUF as an amount exempted under section 56(2). The addition is accordingly deleted. - Decided in favour of assessee. Amount credited to the loan account which is not reflected the firms accounts - Held that:- Prima facie assessee has source for the above amount and this cannot be treated as a gift under the provisions of section 56(2). However, since A.O. did not examine the ledger account nor Ld. CIT(A) consider it in his order, we set aside the same to the A.O. to verify the ledger accounts of the firm and delete the same. With these directions, the issue is restored to the file of A.O. to do accordingly. - Decided in favour of assessee for statistical purposes.
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