https://www.taxtmi.com/caselaws?id=186152 The Tribunal ruled in favor of the assessee, holding that the gift of IMD Bonds should not be taxed under section 56(2)(v) of the Income-tax Act as it was received before the relevant date specified in the Act. The Tribunal found that IMD Bonds are considered securities falling under "Shares and Securities," and therefore, the provisions of section 56(2)(v) were not applicable to the gift received. The direction of the CIT to tax the gift was set aside, and the appeal of the assessee was allowed. en-us Thu, 11 Aug 2011 00:00:00 +0530 Thu, 08 Sep 2016 16:47:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186152 The Tribunal ruled in favor of the assessee, holding that the gift of IMD Bonds should not be taxed under section 56(2)(v) of the Income-tax Act as it was received before the relevant date specified in the Act. The Tribunal found that IMD Bonds are considered securities falling under "Shares and Securities," and therefore, the provisions of section 56(2)(v) were not applicable to the gift received. The direction of the CIT to tax the gift was set aside, and the appeal of the assessee was allowed. Case-Laws Income Tax Thu, 11 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186152