{"id":6289,"date":"2019-08-01T12:35:07","date_gmt":"2019-08-01T12:35:07","guid":{"rendered":"http:\/\/itatonline.org\/digest\/pankil-garg-v-pcit-chd-trib-ur\/"},"modified":"2019-10-08T15:46:59","modified_gmt":"2019-10-08T15:46:59","slug":"pankil-garg-v-pcit-chd-trib-ur","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pankil-garg-v-pcit-chd-trib-ur\/","title":{"rendered":"Pankil Garg v. PCIT  ( 2019) 181 DTR 305 (Chd.)(Trib.)"},"content":{"rendered":"<p>The AO passed the order \u00a0accepted the contention of the assessee that gift received from HUF is not taxable . He relied \u00a0on the decision in Vieneet Kumar Raghavjbhai Bholodia v. ITO (ITA no 583\/ Rjk\/ 2007dt 17-06 -2015 (SMC)<strong> [2011] 11 taxmann.com 384\/ \u00a0\u00a012 ITR(T) 616 \/ 46 SOT 97\u00a0 140 TTJ 58 (Rajkot) (Trib) <\/strong>\u00a0\u00a0and Mr Biravelli Bhaskar v ITO ( ITA No. 398\/Hyd\/2015 dt 17 -06-2015 \u00a0(AY 2008 -09) (2015) 44 CCH 234( Hyd) (Trb)\u00a0 \u00a0where in the Tribunal held that HUF being a group of relatives hence the gift by the HUF to an individual is exempt u\/s 56(2) (vii) of the Act . \u00a0PCIT revised the order under S 263 of the Act holding that gift\u00a0 received\u00a0 from HUF is assessable as income from other sources .On appeal \u00a0the Tribunal held that the decisions of the Tribunal is binding on the AO and hence, the \u00a0decision \u00a0of the AO cannot be held to be erroneous. \u00a0Tribunal also held that in case of an \u2018HUF\u2019, since there is not any determined share of any member in the family property any amount received by a member of a \u2018HUF\u2019 from property of HUF cannot be said to be his share in the property, rather, the same is given to the member by the karta in the normal course of management of family affairs. All the ancestral property belong to the family and once the income of the family is assessed or subjected to tax as per the Act, then, the distribution\/ payment our of the joint family property to any member cannot be said to be income of such a member. Thus, the amount received by the assessee from the \u2018HUF\u2019, being its member, is a capital receipt in his hands and is not exigible to income tax.\u00a0 (ITA No. 773\/ CHD\/ 2019 dt. 17-07-2019)<\/p>\n<p><a href=\"https:\/\/www.itat.gov.in\/files\/uploads\/categoryImage\/1564030290-773-c-18-pankil%20garg,%20shahbad%20(sg-ag)-cod-263-FINAL%20FROM%20RATI%20MAM.pdf\">[Click here to download PDF file]\u00a0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 263 : Commissioner &#8211; Revision of orders prejudicial to revenue \u2013 Income from other sources- Order passed by the AO following the decision of Appellate Tribunal cannot be said to be erroneous &#8211;  Amount received by a member of HUF from HUF is not taxable as income from other sources -Amount received is not a gift without consideration because the member has a pre-existing right in the property hence capital receipt &#8211; Revision is not valid. [S. 4, 10(2) 56(2)(vii)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6289","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1Dr","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=6289"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6289\/revisions"}],"predecessor-version":[{"id":7709,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6289\/revisions\/7709"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=6289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=6289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=6289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}