In the course of carrying on the business etc., the expression 'in the course of carrying on of business etc.' means that the gift should have some relationship with the carrying on of the business. If a donor makes a gift only while he is running the business that may not be sufficient to bring the gift within the first part of cl. (xiv) of s. 5(1) of the Gift Tax Act, Commissioner of Gift Tax v. P. Gheevarghese, Travancore Timbers and Products, AIR 1972 SC 23: (1972) 4 SCC 323: (1972) 1 SCR 817.
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