https://www.taxtmi.com/caselaws?id=257164 Statutory immunity for gifted Foreign Exchange Bonds under Section 6(1)(a) of the 1991 Act applies only to the specific class of transfers covered by the provision, namely gifts from a non-resident Indian or overseas corporate body to a resident Indian, and only where the statutory conditions are satisfied. The protection is confined to disclosure limits expressly stated in the Act and does not extend to gifts outside that framework. The earlier view that no inquiry could ever be made into bonds received as gifts required clarification, because immunity is not blanket and cannot be enlarged beyond the statute. Inquiry remains permissible where the gift or recipient does not meet the prescribed conditions. en-us Thu, 05 Feb 2015 00:00:00 +0530 Thu, 13 Aug 2015 18:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257164 Statutory immunity for gifted Foreign Exchange Bonds under Section 6(1)(a) of the 1991 Act applies only to the specific class of transfers covered by the provision, namely gifts from a non-resident Indian or overseas corporate body to a resident Indian, and only where the statutory conditions are satisfied. The protection is confined to disclosure limits expressly stated in the Act and does not extend to gifts outside that framework. The earlier view that no inquiry could ever be made into bonds received as gifts required clarification, because immunity is not blanket and cannot be enlarged beyond the statute. Inquiry remains permissible where the gift or recipient does not meet the prescribed conditions. Case-Laws Income Tax Thu, 05 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257164