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TMI Blog1987 (4) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... ommon order. 2. The grounds of appeal by the assessee read as under: 1. That the ld. AAC of GT Ludhiana has erred in law and on facts in considering that the gift-tax is applicable to the appellant's Trust. 2. That the ld. AAC of GT has erred in not considering the legal position that the deemed gift is not chargeable to the Trust as provided under s. 45(e) of GT Act. 3. In the appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore, brought to tax the deemed gift of Rs. 37,065 being the difference between the market value of the shares and the apparent consideration. One of the issues raised before the GTO and the AAC of GT was that since the gift was made by a public charitable trust, the provisions of the GT Act were not applicable in view of the provision contained in s. 45(e) of the GT Act, 1958. This plea was negati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion made to the assessee trust will be eligible for the relief under s. 80-G of the IT Act, 1961 in the hands of the donors subject to the limits and conditions prescribed in the said section. It has further been stated there in that this exemption will be valid for the periods ending 31st March, 1974, 31st March, 1975, 31st March, 1976, 31st March, 1977 and 31st March, 1978 relevant to the asst. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... artmental representative on the other hand, has supported the orders of the lower authorities. He has contended that the provisions of s. 45(e) were not applicable in the cases of deemed gifts as in the case before us. 7. We have carefully considered the rival submissions. The issue already stands settled in favour of the assessee by an earlier order of the Bench in the case of Mohan Devi Oswal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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