GOMES A J Vs. COMMISSIONER OF GIFT TAX

JUDGEMENT

(1.) At the instance of a person assessed to gift tax (the applicant) the Income Tax Appellate Tribunal has referred the following two questions of law for the decision of this Court:

(2.) The respondent is the Revenue. We are concerned with the assessment years 1976-77,1977-78,1979-80 and 1980-81. The short question that arises for consideration in these cases is whether the gifts are exempted under S.5(1)(ii) of the Gift Tax Act

(3.) S.5(1) (ii) of the Gift Tax Act is as follows: