2002 (1) TMI 44 - HC - Income Tax

Summary

The High Court of Madras upheld the Income-tax Appellate Tribunal's decision regarding a mother gifting gold, silver, and brassware to her daughter during her marriage. The court found that the gift was not taxable under section 5(1)(vii) of the Gift-tax Act, as the daughter was considered a dependent of both parents. The Department's appeal was dismissed.