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2018 (10) TMI 1582 - ITAT MUMBAITaxability of Gift u/s 56 - Indian Millennium Deposit (IMD) bonds taxation in the hands of the assessee - "sum of money" as used in Section 56(2) - Valid gift - Held that:- We find that the issue of gift of Indian Millennium Deposit certificate is not taxable in the hands of the assessee who received the same upon gift and also under the terms and conditions as stipulated in the Indian Millennium Deposit Certificate. It was provided that the said certificates can be gifted by NIR/banks only once to any person resident in India but the IMD bonds will be passed on to the donee including the gift for premature encashment. However, non resident only will be entitled to transfer the said IMD certificates. Also as perused various decisions relied upon by the assessee and find that the IMD bonds falls under the category of securities and therefore it does not fall within the meaning of any some of money. - decided against revenue
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