Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1983)4ITD219Ctk
1. The facts giving rise to the above appeals are common. They were, therefore, heard together and are being disposed of by a combined order for the sake of convenience.2. The appellants in the present case are related to each other.Certain gifts have been made by them on 13-11-1974 to each other's children; That they are cross-gifts is not in dispute. The question for determination, however, is, whether such cross-gifts would be assessable in the hands of the donors in respect of the assessment year 1978-79. The chart showing the family tree and the relationship of the various persons involved in the present appeals is given herebelow for the sake of ready reference: Nautamlal Amritlal Harshadrai Amritlal Gajra Ben (wife) Bhadravati (wife) Haresh Ketan ChetanIndulal Lalit Kumar Chandrakant Rekha, Versha, PragnaPuspavati Hansaluxmi Nalini(wife) (wife) (wife) Jagriti Nishith, Nihar The gifts made by the appellants and their spouses out of the gifted sums given to them earlier and the g...
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