https://www.taxtmi.com/caselaws?id=56431 Exemption under section 5(1)(ii)(a) of the Gift-tax Act, 1958 was held to depend on the situs of the movable property gifted, and a gift made and accepted within Jammu and Kashmir retained that territorial protection. The transaction was carried out through separate bank accounts and cheques at Srinagar, and the statutory benefit was not denied merely by recharacterising the arrangement on a substance-over-form basis. The earlier appellate view granting exemption was supported, and the Revenue's challenge failed. en-us Wed, 09 Sep 1998 00:00:00 +0530 Fri, 03 Dec 2010 16:17:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56431 Exemption under section 5(1)(ii)(a) of the Gift-tax Act, 1958 was held to depend on the situs of the movable property gifted, and a gift made and accepted within Jammu and Kashmir retained that territorial protection. The transaction was carried out through separate bank accounts and cheques at Srinagar, and the statutory benefit was not denied merely by recharacterising the arrangement on a substance-over-form basis. The earlier appellate view granting exemption was supported, and the Revenue's challenge failed. Case-Laws Income Tax Wed, 09 Sep 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56431