1996 (3) TMI 63

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Gift-tax Act, 1958 (for short, "the Act"), at the instance of the Revenue and the following question has been referred for answer by this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that a gift made by the karta of the Hindu undivided family to his wife out of the Hindu undivided family assets is entitled to exemption under section 5....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... undivided family and, therefore, he is not entitled for exemption under section 5(1)(viii) of the Act. The assessee went up in appeal and the Appellate Assistant Commissioner following the decision of the Madras High Court in the case of M. S. P. Raja v. CGT [1982] 134 ITR 1 held that the gift was made by the assessee as karta of the Hindu undivided family which he was competent to do. He, theref....