Exemption for undisclosed income used to subscribe defence gold bonds applies when gold is tendered, not when bonds are bought. The instruction states that undisclosed income used to acquire gold which is tendered as subscription for National Defence Gold Bonds is exempt from inclusion in assessment or reassessment, but the exemption does not apply where undisclosed income was used to purchase the bonds from another person.
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.
Exemption for undisclosed income used to subscribe defence gold bonds applies when gold is tendered, not when bonds are bought.
The instruction states that undisclosed income used to acquire gold which is tendered as subscription for National Defence Gold Bonds is exempt from inclusion in assessment or reassessment, but the exemption does not apply where undisclosed income was used to purchase the bonds from another person.
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