1996 (8) TMI 17

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....stion for the opinion of this Court under s. 26(1) of the GT Act, 1958 (hereinafter referred to as "the Act"): "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee is entitled to exemption under s. 5(1)(v) of the GT Act, 1958, in respect of the initial gift of Rs. 95,000 being the value of the property gifted to Shanmugasundaram Educat....

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....ome to this conclusion, reliance was placed upon the decision in CGT vs. Yogendra N. Mafatlal (1965) 58 ITR 40 (Bom) : TC 36R.303 and CGT vs. Lachhman Dass Oswal (1977) 106 ITR 742 (P&H) : TC 36R.360. On further appeal, the Tribunal agreed with the view taken by the AAC. 3. Before us, learned standing counsel appearing for the Department submitted that inasmuch as the registration of the trust ....