Facts
a)
Assessee was a beneficiary
trust assessed in status of an AOP. It received a gift of Rs. 1.60 crore from
one of its beneficiaries which was not included in total income in terms of
section 56(2)(vi).
b)
Assessing Officer (AO) included
said amount in income of the trust. The contention of the AO was that Section56(2)(vi) is an exemption provision which provides exemption in respect of gift
subject to certain conditions, inter-alia,
recipient of such gift should be an Individual or a HUF. However, in the
instant case, assessee was assessed as an AOP and not as an Individual or a HUF.
Therefore, it was not eligible for exemption under Section 56(2)(vi).
c)
The CIT(A) confirmed the order
of the AO. Aggrieved by the order of the CIT(A), the assessee filed the instant
appeal before the tribunal
