1996 (8) TMI 17 - HC - Income Tax

Summary

The High Court of Madras ruled that the assessee is entitled to exemption under s. 5(1)(v) of the GT Act, 1958 for the initial gift of Rs. 95,000 to the Shanmugasundaram Educational Trust. The Tribunal and AAC also supported this decision based on the timing of the trust creation and property gifting. The Court cited previous cases to support their decision, ultimately ruling in favor of the assessee.