https://www.taxtmi.com/caselaws?id=285959 The High Court of Madhya Pradesh affirmed the Tribunal's decision regarding the application of provisions of s. 64(1) of the IT Act, 1961 to gifts made by two individuals. The Court agreed that the gifts constituted cross-gifts aimed at evading tax implications, in line with previous Supreme Court rulings. Consequently, the Court upheld the inclusion of income from these gifts in the assesses' total income, with each party bearing their own costs. en-us Wed, 16 Mar 1983 00:00:00 +0530 Wed, 05 Feb 2020 11:50:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285959 The High Court of Madhya Pradesh affirmed the Tribunal's decision regarding the application of provisions of s. 64(1) of the IT Act, 1961 to gifts made by two individuals. The Court agreed that the gifts constituted cross-gifts aimed at evading tax implications, in line with previous Supreme Court rulings. Consequently, the Court upheld the inclusion of income from these gifts in the assesses' total income, with each party bearing their own costs. Case-Laws Income Tax Wed, 16 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285959