https://www.taxtmi.com/caselaws?id=69354 The Appellate Tribunal ITAT MADRAS-A ruled in favor of the assessee in a case concerning the taxability of gifts of movable property outside India. The tribunal held that the gifts were not taxable in India as they were considered to have been delivered in the foreign country upon instructions to transfer the proceeds to the donees. The assessee successfully argued that the property passed to the donees when instructions were given to the foreign banks, benefiting from the interpretation of Section 5(1)(ii) regarding the situs of the gifted property. The tribunal allowed the assessee's appeal for one assessment year and dismissed the revenue's appeal for the other. en-us Tue, 20 Jul 1982 00:00:00 +0530 Wed, 06 Apr 2011 13:14:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69354 The Appellate Tribunal ITAT MADRAS-A ruled in favor of the assessee in a case concerning the taxability of gifts of movable property outside India. The tribunal held that the gifts were not taxable in India as they were considered to have been delivered in the foreign country upon instructions to transfer the proceeds to the donees. The assessee successfully argued that the property passed to the donees when instructions were given to the foreign banks, benefiting from the interpretation of Section 5(1)(ii) regarding the situs of the gifted property. The tribunal allowed the assessee's appeal for one assessment year and dismissed the revenue's appeal for the other. Case-Laws Income Tax Tue, 20 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69354