1979 (12) TMI 30

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....e following question has been referred: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in holding that the assessee would be entitled to exemption under section 5(1)(viii) of the Gift tax Act ? " The assessment year under consideration is 1966-67. The gift-tax assessment was made in the status of " individual ", though the assessee claimed the status....

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....ard to the gifts made by Manickam Gupta to his wife in any of the previous years. In other words, the Tribunal's finding was that the assessee was eligible for the relief under s. 5(1)(viii) in principle. The quantum of the exemption was directed to be worked out in the light of the gifts made in the earlier years. The present reference has been made by the GTO, questioning this conclusion of the ....

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....essment order refers to the gift made to the wife. It may be that Manickam Gupta is the karta of the HUF, but the fact remains that the shares of the HUF to the extent of the value of Rs. 40,000 was gifted by Manickam Gupta to his wife. There is nothing to show that the gift was not made by Manickam Gupta as Manickam Gupta, but as karta of HUF. In these circumstances, we agree that the assessee is....