https://www.taxtmi.com/caselaws?id=186149 Gift of India Millennium Deposit certificates completed before the relevant anti-gift provisions came into force was not taxable under section 56(2)(v) or section 56(2)(vi) of the Income-tax Act, 1961. The transfer was treated as an effective gift in kind, with ownership passing on execution of the gift deed and delivery of the certificates. The later maturity proceeds did not change the character or timing of the original receipt, and the phrase "any sum of money" was held to cover money only, not property received in kind. The addition was therefore deleted and the Revenue's challenge failed. en-us Wed, 14 Oct 2009 00:00:00 +0530 Thu, 08 Sep 2016 16:35:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186149 Gift of India Millennium Deposit certificates completed before the relevant anti-gift provisions came into force was not taxable under section 56(2)(v) or section 56(2)(vi) of the Income-tax Act, 1961. The transfer was treated as an effective gift in kind, with ownership passing on execution of the gift deed and delivery of the certificates. The later maturity proceeds did not change the character or timing of the original receipt, and the phrase "any sum of money" was held to cover money only, not property received in kind. The addition was therefore deleted and the Revenue's challenge failed. Case-Laws Income Tax Wed, 14 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186149