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2011 (7) TMI 441 - HC - Income TaxReceipt of gifts of the India Development Bonds - immunity under sections 6 and 7 of the Remittances of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act, 1991 - held that:- it is crystal clear that no investigation can be allowed to be held pertaining to the India Development Bonds which were received from NRIs/overseas corporate bodies as gift. When it is so, then we find no reason to interfere in the impugned order passed by the Tribunal. - Decided in favor of assessee.
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