1987 (4) TMI 47

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....ce is made at the instance of the Revenue. It raises the following question ; " Whether, on the facts and in the circumstances of the case, the Tribunal erred in holding that the property gifted to Shri Jain Dharmik Shikshan Society was exempt under section 5(1)(v) of the Gift-tax Act, 1958 ?" The assessment year with which we are concerned is the assessment year 1968-69. The assessee, an in....

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....58, stated that gift-tax shall not be charged in respect of any gifts made by any person to any institution or fund established for a charitable purpose to which the provisions of section 80G of the Income-tax Act, 1961, applied. Sub-section (1A) of section 5 stated, in relation to any gift made on or after April 1, 1964, with reference to the clause (v) aforementioned, that "charitable purpose " ....