https://www.taxtmi.com/caselaws?id=60813 Section 45(e) of the Gift-Tax Act excludes an institution or fund whose income is exempt under sections 11 or 12 of the Income-tax Act, 1961. On the facts noted, the assessee was a charitable trust and had produced an exemption certificate showing that its income enjoyed such exemption. In that setting, the gift-tax assessment was treated as unsustainable, and the valuation dispute or deemed-gift characterisation did not require further adjudication. The stated ratio is that an entity covered by income-tax exemption under sections 11 or 12 cannot be subjected to gift-tax under section 45(e). en-us Fri, 15 Apr 1983 00:00:00 +0530 Sat, 08 Jan 2011 11:46:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60813 Section 45(e) of the Gift-Tax Act excludes an institution or fund whose income is exempt under sections 11 or 12 of the Income-tax Act, 1961. On the facts noted, the assessee was a charitable trust and had produced an exemption certificate showing that its income enjoyed such exemption. In that setting, the gift-tax assessment was treated as unsustainable, and the valuation dispute or deemed-gift characterisation did not require further adjudication. The stated ratio is that an entity covered by income-tax exemption under sections 11 or 12 cannot be subjected to gift-tax under section 45(e). Case-Laws Income Tax Fri, 15 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60813