Gift taxation exemptions revised: no tax levied on gifts by public-interest companies and on amalgamation transfers. Amendment substitutes the Gift-tax Act wording to state No tax shall be levied in respect of specified gifts and replaces the exempted classes to specify exemption for a company in which the public are substantially interested and for gifts by any company to an Indian company in a scheme of amalgamation, with subsequent clauses (previously (c) and (d)) omitted by later amendment.
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Provisions expressly mentioned in the judgment/order text.
Gift taxation exemptions revised: no tax levied on gifts by public-interest companies and on amalgamation transfers.
Amendment substitutes the Gift-tax Act wording to state No tax shall be levied in respect of specified gifts and replaces the exempted classes to specify exemption for a company in which the public are substantially interested and for gifts by any company to an Indian company in a scheme of amalgamation, with subsequent clauses (previously (c) and (d)) omitted by later amendment.
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