https://www.taxtmi.com/caselaws?id=9470 Gifts of movable property situated outside the taxable territory were exempt under section 5(1)(ii) of the Gift-tax Act, 1958, where a non-resident assessee permanently resident in Dubai made the gifts and transferred the shares in Kashmir. The Court treated shares as movable property and accepted the concurrent finding that the funds and transfers took place in Kashmir, bringing the transaction within the statutory exemption. It also rejected the Revenue's allegation of a colourable device, holding that lawful tax planning to obtain an available exemption does not amount to tax evasion. en-us Tue, 02 Aug 2005 00:00:00 +0530 Tue, 23 Jun 2009 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9470 Gifts of movable property situated outside the taxable territory were exempt under section 5(1)(ii) of the Gift-tax Act, 1958, where a non-resident assessee permanently resident in Dubai made the gifts and transferred the shares in Kashmir. The Court treated shares as movable property and accepted the concurrent finding that the funds and transfers took place in Kashmir, bringing the transaction within the statutory exemption. It also rejected the Revenue's allegation of a colourable device, holding that lawful tax planning to obtain an available exemption does not amount to tax evasion. Case-Laws Income Tax Tue, 02 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9470