2000 (11) TMI 131 - SC - Income Tax

Summary

The Supreme Court upheld the decision in favor of the assessee regarding the settlement of lands made to his minor daughters, ruling that it was not a taxable gift under the Gift-tax Act. The court considered the obligation under law to maintain the daughters as a valid reason for the transfer, exempting it from gift tax. The appeal by the Revenue was dismissed, and no costs were awarded. (Case Citation: 2000 (11) TMI 131 - Supreme Court)