Ο Sec. 56(2)(vi) – DCIT vs. Ateev V. Gala
ITA No. 1906/Mum/2014 (Mum Trib.)
A HUF is a “group of relatives“ and consequently, gift received from HUF by its member is exempt from tax as provided in Explanation to sec. 56(2)(vi)
Ο Sec. 68 – ITO vs. Abraham Varghese Charuvil
ITA No.30/Coch/2017 (Cochin Trib.)
“On Money” (consideration over and above agreement value) received by assessee on account of sale of agricultural land would partake the character of “agricultural income” itself and shall be exempted from tax if the facts show that the assessee has no other source for such receipts.
Relied on ITO vs. Dr. Koshy George (2009) 317 ITR 116 (Cochin Trib.)