https://www.taxtmi.com/caselaws?id=26361 The High Court affirmed the Tribunal's decision that the pranamis received by the assessees were gifts of a casual and non-recurring nature, exempt under section 10(3) of the Income-tax Act. The court emphasized that the gifts were voluntary and not arising from a legal obligation, therefore not taxable. The court referenced Circular No. 158, stating that gifts of a purely personal nature are not subject to income tax unless related to salary or a profession. The judgment favored the assessees, with no costs awarded. en-us Thu, 20 Mar 1986 00:00:00 +0530 Thu, 04 Feb 2010 13:38:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26361 The High Court affirmed the Tribunal's decision that the pranamis received by the assessees were gifts of a casual and non-recurring nature, exempt under section 10(3) of the Income-tax Act. The court emphasized that the gifts were voluntary and not arising from a legal obligation, therefore not taxable. The court referenced Circular No. 158, stating that gifts of a purely personal nature are not subject to income tax unless related to salary or a profession. The judgment favored the assessees, with no costs awarded. Case-Laws Income Tax Thu, 20 Mar 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26361