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2017 (5) TMI 1410 - AT - Income TaxReceipt of Gift from HUF - income from other sources - whether HUF comes under the term ‘group of relatives’ defined u/s 56(2)? - Held that:- The case of the assessee is squarely covered by the decision in the case of Veenit Kumar Rahgavjibhai Bhalodia vs ITO [2011 (5) TMI 584 - ITAT RAJKOT ]. If the observation made in the assessment order, leading to addition made to the total income, conclusion drawn in the impugned order, conclusion drawn in the order of the Tribunal, material available on record, assertions made by the ld. respective counsels, if kept in juxtaposition and analyzed, we find that while adjudicating the issue, the Bench duly considered section 56 of the Act and on the question of chargeability of tax on a question whether a gift received from relative held that it is exempt from tax under the provision of section 56(2)(vi) on a question whether HUF is a group of relatives, it was held that the gift received from HUF would be exempt from tax u/s 56(2)(vi) of the Act. It is noted that in the case before Rajkot Bench of the Tribunal, the amount was received from HUF, where the assessee was also member of HUF. - Decided against revenue
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