Firm liability for gift-tax confirmed as firms are taxable persons and must file returns and accept notices accordingly. A firm falls within the statutory definition of person under the Gift-tax Act and is chargeable to gift-tax on gifts it makes; accompanying provisions on return signing, liability on discontinuance and service of notices reflect that firms are intended taxable entities under the Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Firm liability for gift-tax confirmed as firms are taxable persons and must file returns and accept notices accordingly.
A firm falls within the statutory definition of person under the Gift-tax Act and is chargeable to gift-tax on gifts it makes; accompanying provisions on return signing, liability on discontinuance and service of notices reflect that firms are intended taxable entities under the Act.
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