CORPORATE AND PROFESSIONAL UPDATE May 20, 2017
Direct Tax: · S. 56(2)(vi): A HUF is a “group of relatives”. Consequently, a gift received from a HUF by a member of the HUF is exempt from tax as provided in the Explanation to s. 56(2)(vi) DCIT vs. Ateev V. Gala (ITAT Mumbai) · S. 68 cash credit: If the assessee has explained the source …