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2003 (10) TMI 14 - MADHYA PRADESH HIGH COURTGift Tax Act, 1958 - "Whether, the Tribunal was right in holding that a gift made by the 'karta' of the Hindu undivided family to his wife out of the Hindu undivided family assets is entitled to exemption under section 5(1)(viii) of the Gift-tax Act?" - We answer the reference in the affirmative, in favour of the assessee and against the Revenue holding that in the facts and circumstances of the case the Tribunal was right in holding that the gift made by the "karta" of the Hindu undivided family to his wife out of the Hindu undivided family assets, is entitled to exemption under section 5(1)(viii)
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