1987 (4) TMI 47 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the assessee, stating that the gift of immovable property to a charitable trust was exempt under section 5(1)(v) of the Gift-tax Act, 1958. The court highlighted that the purpose of the charitable trust was not solely of a religious nature. The Revenue was directed to pay the costs of the reference to the assessee.