Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (3) TMI 1243 - AT - Income TaxTaxability of the amount received by the assessee from his HUF, in which he is a coparcener - money received without consideration -Taxability of gift received by the assessee from his HUF u/s. 56(2)(vii) - impugned gift was treated as taxable by the A.O. and the same confirmed by the CIT(A) noting that identical issue had arisen in the case of the assessee for assessment year 2012-13 wherein the addition was confirmed by the Ld. CIT(A) - HELD THAT:- We are of the view that the decision of the ITAT Chandigarh Bench in the case of Pankil Garg [2019 (9) TMI 337 - ITAT CHANDIGARH] would squarely apply to the present case following which we hold that the amount received by the assessee from its HUF of ₹ 50 lakhs is not in the nature of any sum received without consideration/gift and therefore not exigible to tax as per provisions of Section 56(2)(vii) of the Act .The addition so made and upheld by the Ld. CIT(A) is therefore directed to be deleted. The order of the Ld. CIT(A) is accordingly set aside. Grounds of appeal raised by the assessee are allowed
|