Cgt Vs. Govind Hari Singhania (Huf) - Court Judgment

Excerpt:
counsels: a.n. mahajan, for the revenue. shambhu chopra, for the assessee. head note: income tax gift tax exemption under section 5(1)(v)--allowabilitygift to charitable trustheld: exemption claimed by assessee for gift made to charitable trust was denied by gift tax officer on the ground that trust had not been recognized as a trust satisfying the conditions prescribed under 80g(5). trust was recognised and had been granted exemption under section 11 of the income tax act uptil assessment year 1970-71. gift made during 1969-70 to the trust was, therefore, exempt as the trust satisfied the conditions laid down under section 80g(5). gift tax act, 1958 s.5(1)(v) in the high court of allahabad r.k. agrawal & p. krishna, jj. - indian penal code, 1860 [c.a. no. 45/1860]. section 302; [m.c. jain, r.c. deepak & k.k. misra, jj] murder plea as to accused being minor school register and transfer certificate not proved before court according to law held, it has to be ignored and question of age is to be determined on other evidence and circumstances surfacing on record. age determined on the basis of x-ray plates and report prepared by c.m.o., is the correct age of accused. accused was declared to be child on the date of commission of offence of murder. however, considering fact that now accused was around 41 years, he cannot be sent to approved school. accused was directed to pay fine of rs.25,000/- under section 302 i.p.c., amount of fine was directed to be paid as compensation to wife of deceased. mohammad - the gift tax officer had denied the exemption on the ground that the trust has not been recognized as a trust satisfying the conditions prescribed under section 80g(5) of the income tax act, 1961. feeling aggrieved the respondents preferred separate appeals before the cit (a) who by allowing the appeals has held that the gift in question is entitled for exemption as the trust is covered under the word 'institution'.the revenue's appeal before the tribunal has failed. in this view of the matter, the trust satisfied the condition laid down under section 80g(5) of the act.1. the income tax appellate tribunal, allahabad, has referred the following question of law under section 26(1) of the gift tax act, 1958 (hereinafter referred to as 'the act) for opinion to this court:'whether, on the facts and in the circumstances of the case, the tribunal is right in holding that the gift made by the assessee to m/s. j.k. charitable trust is exempt under section 5(1)(v) of the gift tax act, 1958 even though the trust has not been recognised as a trust satisfying the conditions prescribed under section 80g(5) of the income tax act, 1961.'2. briefly stated the facts giving rise to the present reference are as follows:the reference relates to the assessment year 1969-70. during the assessment year in question the respondent-assessee had made a gift to m/s. j.k. charitable trust. they claimed exemption under section 5(1)(v) of the act. the gift tax officer had denied the exemption on the ground that the trust has not been recognized as a trust satisfying the conditions prescribed under section 80g(5) of the income tax act, 1961. feeling aggrieved the respondents preferred separate appeals before the cit (a) who by allowing the appeals has held that the gift in question is entitled for exemption as the trust is covered under the word 'institution'. the revenue's appeal before the tribunal has failed.3. we have heard shri a.n. mahajan, learned standing counsel for the revenue. shri shambhu chopra appearing for the respondents states that he has no instructions in the matter. it may be mentioned here that from the order of the tribunal, we find that the j.k. charitable trust has been granted exemption under section 11 of the income tax act, 1961 up till the assessment year 1970-71. the gift in question had been made during the relevant assessment year 1969-70 and, therefore, the trust having been recognized and granted the exemption under income tax act, the gift made to it was exempt under section 5(1)(v) of the act. in this view of the matter, the trust satisfied the condition laid down under section 80g(5) of the act.4. we accordingly answer the question of law referred to us in affirmative, i.e., in favour of assessee and against the revenue. however, there shall be no order as to costs.