https://www.taxtmi.com/caselaws?id=761586 A gift was treated as having been made out of Privy Purse on the basis of the record already before the authorities, including the bank account and the details of cash and cheque gifts. The HC held that the Tribunal erred by refusing to consider the existing material merely because no fresh evidence had been produced, even though the Commissioner's order already contained a factual finding supporting the Privy Purse source. That failure to examine the available evidence was held perverse, and the referred question was answered in favour of the assessee, supporting exemption under section 5(1)(xvi) of the Gift Tax Act, 1958. en-us Thu, 07 Nov 2024 00:00:00 +0530 Wed, 13 Nov 2024 08:53:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761586 A gift was treated as having been made out of Privy Purse on the basis of the record already before the authorities, including the bank account and the details of cash and cheque gifts. The HC held that the Tribunal erred by refusing to consider the existing material merely because no fresh evidence had been produced, even though the Commissioner's order already contained a factual finding supporting the Privy Purse source. That failure to examine the available evidence was held perverse, and the referred question was answered in favour of the assessee, supporting exemption under section 5(1)(xvi) of the Gift Tax Act, 1958. Case-Laws Income Tax Thu, 07 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761586