https://www.taxtmi.com/caselaws?id=37250 An inclusive definition of "person" under the Gift-tax Act, 1958 can extend to a firm where the statutory scheme shows legislative intent to treat it as a taxable unit. A firm is not a distinct legal entity under general law, but it answers the description of a body of individuals or persons, whether incorporated or not. Reading sections 3 and 21 harmoniously, the Act contemplates gift-tax liability in relation to firms and association of persons, so gifts made by a firm fall within the charge to tax. en-us Fri, 03 Aug 1979 00:00:00 +0530 Sat, 27 Mar 2010 16:09:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37250 An inclusive definition of "person" under the Gift-tax Act, 1958 can extend to a firm where the statutory scheme shows legislative intent to treat it as a taxable unit. A firm is not a distinct legal entity under general law, but it answers the description of a body of individuals or persons, whether incorporated or not. Reading sections 3 and 21 harmoniously, the Act contemplates gift-tax liability in relation to firms and association of persons, so gifts made by a firm fall within the charge to tax. Case-Laws Income Tax Fri, 03 Aug 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37250