https://www.taxtmi.com/caselaws?id=69015 The appellate tribunal ruled in favor of the assessee, a sanyasi and Mattadhipathi of a Mutt, in a case concerning liability under the Gift-tax Act. The tribunal determined that the offerings received by the assessee from devotees, including money deposited in a bank account and later declared for charitable purposes, did not constitute a transfer of property without consideration. It held that the funds were dedicated for religious purposes and held in trust by the assessee, not constituting ownership or transfer of property. Consequently, the tribunal annulled the gift-tax assessment, ruling in favor of the assessee. en-us Tue, 23 May 1989 00:00:00 +0530 Mon, 04 Apr 2011 15:22:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69015 The appellate tribunal ruled in favor of the assessee, a sanyasi and Mattadhipathi of a Mutt, in a case concerning liability under the Gift-tax Act. The tribunal determined that the offerings received by the assessee from devotees, including money deposited in a bank account and later declared for charitable purposes, did not constitute a transfer of property without consideration. It held that the funds were dedicated for religious purposes and held in trust by the assessee, not constituting ownership or transfer of property. Consequently, the tribunal annulled the gift-tax assessment, ruling in favor of the assessee. Case-Laws Income Tax Tue, 23 May 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69015