https://www.taxtmi.com/caselaws?id=55736 A gift of movable property made and accepted at Srinagar was treated as exempt from gift-tax under section 5(1)(ii) because the Act extended to India except Jammu and Kashmir, and the exemption turned on the situs of the gifted property rather than the residence of the donor or donee. The bank certificate showing transfer and acceptance at Srinagar supported the factual basis for the exemption. The arrangement was found to be within the framework of law and not a colourable device, so the addition of the gifted amount was not sustainable. en-us Wed, 16 Oct 1985 00:00:00 +0530 Wed, 25 Jan 2012 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55736 A gift of movable property made and accepted at Srinagar was treated as exempt from gift-tax under section 5(1)(ii) because the Act extended to India except Jammu and Kashmir, and the exemption turned on the situs of the gifted property rather than the residence of the donor or donee. The bank certificate showing transfer and acceptance at Srinagar supported the factual basis for the exemption. The arrangement was found to be within the framework of law and not a colourable device, so the addition of the gifted amount was not sustainable. Case-Laws Income Tax Wed, 16 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55736