IMD bonds are securities and not fall within the meaning of any some of money

ITO Vs Shri Ashwin M. Savani (ITAT Mumbai) Issue of gift of Indian Millennium Deposit certificate is not taxable in the hands of the assessee who received the same upon gift and also under the terms and conditions as stipulated in the Indian Millennium Deposit Certificate. It was provided that the said certificates can be gifted by NIR/banks only once to any person resident in India but the IMD bonds will be passed on to the donee including the gift for premature encashment. However, non resident only will be entitled to transfer the said IMD certificates. In the case of Shri Sarad Kumar Babul...