1987 (4) TMI 105

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....Ludhiana Range, Ludhiana relating to the asst. yr. 1974-75 are being disposed by a common order. 2. The grounds of appeal by the assessee read as under: 1. That the ld. AAC of GT Ludhiana has erred in law and on facts in considering that the gift-tax is applicable to the appellant's Trust. 2. That the ld. AAC of GT has erred in not considering the legal position that the deemed gift is no....

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....O was therefore, of the opinion that there was deemed gift of Rs. 37,065. He, therefore, brought to tax the deemed gift of Rs. 37,065 being the difference between the market value of the shares and the apparent consideration. One of the issues raised before the GTO and the AAC of GT was that since the gift was made by a public charitable trust, the provisions of the GT Act were not applicable in v....

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....g. CR/73-74/4-B/787 dt. 15/16th Feb., 1978 had informed the assessee trust that donation made to the assessee trust will be eligible for the relief under s. 80-G of the IT Act, 1961 in the hands of the donors subject to the limits and conditions prescribed in the said section. It has further been stated there in that this exemption will be valid for the periods ending 31st March, 1974, 31st March,....

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....le Trust reported in (1984) Taxation 72 (6A) 51. 6. Shri R.S. Khichi, the ld. departmental representative on the other hand, has supported the orders of the lower authorities. He has contended that the provisions of s. 45(e) were not applicable in the cases of deemed gifts as in the case before us. 7. We have carefully considered the rival submissions. The issue already stands settled in fav....