1993 (8) TMI 6 - HC - Income Tax

Summary

The High Court of Bombay delivered a judgment on a reference under section 256(1) of the Income-tax Act, 1961. The court answered two questions regarding gifts of movable properties made to non-family members in the negative, in favor of the Revenue. The judgment is based on a previous decision involving the same assessee for earlier assessment years. No costs were awarded.