1999 (1) TMI 14 - HC - Income Tax

Summary

The High Court of Andhra Pradesh considered the effect of Gift-tax Act provisions on gifts between spouses. The court found that a gift made by the husband to his wife was a return of the gift she had given him earlier, making him liable to pay gift tax. Section 5(3) of the Gift-tax Act was deemed applicable in this case. The court ruled against the assessee, ordering the reference in the negative and no costs were awarded.