1990 (9) TMI 61

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....DDY C. J. - Two questions are stated under section 256 of the Income-tax Act, 1961. They are : "1. Whether, on the facts and in the circumstances of the case, the repondent assessee, a trust created by the instrument executed on April 24" 1958, is a public charitable and religious trust and its income is exempt from tax under section 11 of the Income-tax Act, 1961 ? 2. Whether, on the facts ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r of the Tribunal says that the difference between the fair market value of the assets and the actual consideration was brought to tax under the Gift-tax Act. A copy of the gift-tax assessment order was also placed before the Tribunal. Acting upon the same and applying clause (iii) of section 47, the Tribunal held that no capital gains tax can be levied upon the said difference amount. The Tribuna....