Effect of withdrawal of tax exemption in respect of receipts of casual and non-recurring nature on liability to tax in respect of gifts

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....ECURRING NATURE [CORRESPONDING TO SECTION 4(3)(vii) OF THE 1922 ACT] Effect of withdrawal of tax exemption in respect of receipts of casual and non-recurring nature on liability to tax in respect of gifts 1. Section 10(3) was amended by the Finance Act, 1972 by which receipts of casual and non-recurring nature inexcess of Rs. 1,000 would no longer be exempt from tax. A question has arisen as....