Act not to apply in certain cases.45. 75[No tax shall be levied under this Act in respect of gifts made by]-
76[(a)
-
a company in which the public are substantially interested;
(b)
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any company to an Indian company in a scheme of amalgamation;]
77[(e)
-
any institution or fund the income whereof is exempt from income-tax under 78[section 11] 79[or section 12] of the Income-tax Act.]
80[Explanation 1.-For the purposes of clause (b), the term "amalgamation" shall have the meaning assigned to it in clause (1B) of section 2 of the Income-tax Act.]81[Explanation 3.-For the removal of doubts, it is hereby declared that the exemption admissible under clause (e) in relation to gifts made by an institution or fund referred to in that clause shall not be denied merely on either or both of the following grounds, namely :-
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