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TMI Blog1980 (1) TMI 141X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in holding that the value of the lands gifted by the assessee to M/s Devi Educational Institution in exempt under s. 5(1)(v) of the GT Act. The assessee, a HUF, claimed exemption in respect of the land gifted to M/s Devi Educational Institution on 31st Dec., 1973. The GTO observed that the claim was not admissible since the assessee did not produce the certificate in respect of the above instit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee was exempt under s. 5(1)(v) of the GT Act. He also noticed that the Commr., of IT, Tamilnadu-IV, by his order, dt. 6th Jan., 1978, had granted exemption in respect of donations made to the above institution under s. 80G from 1st April, 1974 to 31st March, 1978, which also showed that the above institution was a genuine educational institution to which the provisions of s. 10(22) would ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent and that the value of the land gifted by the assessee to M/s Devi Educational Institution is liable to gift-tax. The only ground on which the GTO rejected the claim of the assessee was not that the assessee did not produce a certificate in respect of the above institution for exemption. Having regard to the fact that the ITO has recognised M/s Devi Educational Institution as an institution to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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