Gift-tax interpretation treats "such tax" as the tax chargeable reduced by the allowable credit under the Act. Clause (i) of sub-section (1) of section 17 of the Gift-tax Act, as it stood before 1 April 1963, shall be deemed to have effect as if the words "such ... Summary
Gift-tax interpretation treats "such tax" as the tax chargeable reduced by the allowable credit under the Act.
Clause (i) of sub-section (1) of section 17 of the Gift-tax Act, as it stood before 1 April 1963, shall be deemed to have effect as if the words "such tax" mean the gift-tax chargeable under the Act as reduced by the amount for which credit is allowed under the Act.
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