Bombay High Court Allows Revenue Appeal in Gift Tax Case — NRI Gift in Srinagar Held Not Exempt Under Section 5(ii) of Gift Tax Act, 1958. Court finds transaction colourable as gift was made by NRI in Srinagar where Gift Tax Act was not applicable, but donor was not resident of Jammu and Kashmir.
2 Aug 2005The Revenue appealed against the order of the Income Tax Appellate Tribunal which had allowed the assessee's claim for exemption from Gift Tax under S...




