https://www.taxtmi.com/caselaws?id=69523 Section 45(e) of the Gift-tax Act exempts gifts made by an institution or fund whose income is exempt under section 11 of the Income-tax Act, and that exemption must be tested year-wise on the basis of the subsisting assessment for the relevant year. For assessment year 1970-71, the trust's reassessment denying exemption had been cancelled in appeal, leaving the original assessment, which treated the trust as exempt under section 11, operative. Later assessment-year positions were not determinative. On that basis, the trust was regarded as an institution with exempt income for the relevant year, and no gift-tax assessment could be made for that year. en-us Wed, 17 Jun 1987 00:00:00 +0530 Thu, 07 Apr 2011 14:27:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69523 Section 45(e) of the Gift-tax Act exempts gifts made by an institution or fund whose income is exempt under section 11 of the Income-tax Act, and that exemption must be tested year-wise on the basis of the subsisting assessment for the relevant year. For assessment year 1970-71, the trust's reassessment denying exemption had been cancelled in appeal, leaving the original assessment, which treated the trust as exempt under section 11, operative. Later assessment-year positions were not determinative. On that basis, the trust was regarded as an institution with exempt income for the relevant year, and no gift-tax assessment could be made for that year. Case-Laws Income Tax Wed, 17 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69523