Bombay High Court Dismisses Revenue's Appeal in Gift Tax Case — Gifts Made in Kashmir by Non-Resident Assessee Exempt Under Section 5(1)(ii) of Gift Tax Act, 1957. The Court held that the situs of the gift is where the gift is made, and since the gifts were made in Kashmir, they are exempt as gifts of money made outside India.
2 Aug 2005The Revenue appealed against the order of the Income Tax Appellate Tribunal which confirmed the Deputy Commissioner of Income Tax (Appeals)'s order ho...




