1996 (8) TMI 17

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..... referred to as "the Act"): "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee is entitled to exemption under s. 5(1)(v) of the GT Act, 1958, in respect of the initial gift of Rs. 95,000 being the value of the property gifted to Shanmugasundaram Educational Trust?" 2. On 27th July, 1972, the assessee created a trust deed and regis .....

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..... . Mafatlal (1965) 58 ITR 40 (Bom) : TC 36R.303 and CGT vs. Lachhman Dass Oswal (1977) 106 ITR 742 (P H) : TC 36R.360. On further appeal, the Tribunal agreed with the view taken by the AAC. 3. Before us, learned standing counsel appearing for the Department submitted that inasmuch as the registration of the trust deed and the dedication of the property to the trust was made on the same date, the .....

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