1976 (6) TMI 25 - HC - Income Tax

Summary

The High Court of Madras dismissed a petition under section 26(3) of the Gift-tax Act, 1958, where the Commissioner of Gift-tax sought to challenge the Tribunal's decision regarding gifts made by Alagiriswamy to his sisters. The Tribunal held the gifts void, stating they were made to strangers and not valid under the law. The High Court upheld the Tribunal's decision, ruling that the gifts were void ab initio and not liable to gift-tax. The petition was dismissed, and the assessee was awarded costs.