https://www.taxtmi.com/caselaws?id=24384 The article concerns whether, for Gift-tax Act purposes, the property transferred under a release deed was a one-fourth share in the corpus of trust property or only the assessee's beneficial interest as a beneficiary. It explains that this distinction affected the taxable value and gave rise to a real question of law on the nature of the gifted subject-matter. On that basis, the High Court treated the issue as fit for reference under section 26(3) and directed the Tribunal to state the case and refer the question to the court. en-us Mon, 26 Sep 1988 00:00:00 +0530 Tue, 19 Jan 2010 15:58:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24384 The article concerns whether, for Gift-tax Act purposes, the property transferred under a release deed was a one-fourth share in the corpus of trust property or only the assessee's beneficial interest as a beneficiary. It explains that this distinction affected the taxable value and gave rise to a real question of law on the nature of the gifted subject-matter. On that basis, the High Court treated the issue as fit for reference under section 26(3) and directed the Tribunal to state the case and refer the question to the court. Case-Laws Income Tax Mon, 26 Sep 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24384