1979 (10) TMI 118 - AT - Income Tax

Summary

The judgment relates to a gift tax appeal for the assessment year 1974-75 involving transfer of property to minor daughters. The appeal was allowed as the transfer was considered a gift due to lack of consideration in money or monies worth, as per Madras High Court rulings. The appellate order was set aside, and the gift-tax assessment was restored, while the cross objection by the assessee was dismissed. (Case: Appellate Tribunal ITAT MADRAS-C, Citation: 1979 (10) TMI 118 - ITAT MADRAS-C)