Supreme Court · 1995 INSC 612 · Decided 11 October 1995
Commissioner of Income Tax v. SMT. Pelleti Srideramma, Nellore
- Court
- Supreme Court of India
- Citation
- 1995 INSC 612 · [1995] SUPP. 4 S.C.R. 206
- Case number
- CIVIL APPEAL No. 1053/1997
- Decided
- 11 October 1995
- Bench
- B.P. JEEVAN REDDY, S.B. MAJMUDAR (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 2(24), 64(1)(iv), 64(1), 64(l)(iv)
Headnote
OF INCOME TAX \'. SMT. PELLET! SRIDERAMMA, NELLORE OCTOBER l l, 1995 IB.P . .JEEVAN REDDY AND S.B. MAJMUDAR, J.l.J Income Tax Act, 1961: Section 2(24)-'lncome'-lncludcs 'Capital Gains'. Section 64( I )(iv}-Assessee-Cash gift lo minor son-Money utilised to purchase propcrty--Prope1ty fron1 assets trans- fe1Tcd to 1ni1101.__Proxin1it1-Rclevance of-Held proxinzity should be betl-veen assets tran.\fc1Ted and the incon1c in question-Tinze lag is of no significance. The respondent-assessee, carrying on mica mining business, made a cash gift of rupees ninety thousand to her minor
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