1978 (8) TMI 36 - HC - Income Tax

Summary

The High Court of Allahabad held that no gift-tax is leviable in the case of a HUF where the karta executed deeds of gifts in favor of family members, as it was considered a family settlement by partial partition. The Tribunal's decision was upheld, and the department's appeal was dismissed. The assessee was awarded costs of Rs. 200.