High Court decides in favor of Revenue on non-family gift tax case, citing prior ruling.

The High Court of Bombay ruled against the taxpayer in a case involving gifts of movable properties to non-family members, supporting the Revenue's position. The court's decision was influenced by a prior ruling on the same taxpayer for earlier assessment periods. No costs were granted in this judgment.

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The High Court of Bombay delivered a judgment on a reference under section 256(1) of the Income-tax Act, 1961. The court answered two questions regarding gifts of movable properties made to non-family members in the negative, in favor of the Revenue. The judgment is based on a previous decision involving the same assessee for earlier assessment years. No costs were awarded.

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