Gift Tax Act 1958 Cease To Have Effect On Or After The 01 10 1998 Section 36 Power Regarding Discovery Production Of Evidence Etc - Judgment Search Results

Ms. Gemini Pictures Circuit P. Ltd Vs. the Deputy Commissioner of Inco ...

Court: Chennai

Act. Considering the mandate given under Section 4(1) of the Gift Tax Act, what was transferred was only reversionery interest in the sale instances of the properties considered under the Wealth Tax Act. One of the property is situated at Door No.58, the assessee as per Section 4(1) of the Gift Tax Act is concerned, it is no doubt true that for the of transfer of the said capital asset and holding company ceased to hold the shares of the subsidiary company after the to say that the value adopted by the assessee for effecting the transfer were illusory or abnormal to adopt the value refers to 98, Radhakrishna Salai, Madras of an extent of 10.653 grounds and the total consideration as on 19.2.1987, the date held that the transaction did not attract the provisions of Section 4(1) of the Gift Tax Act. Aggrieved by the order a view to determine the fair market value, the Assessing Authority referred the matter to the District Valuation Officer, who in Gemini Film Processing Industries Private Limited in fact was as regards the reversionery right attached to the property. As such, the

S. Viji Vs. Commissioner of Gift Tax

Court: Supreme Court of India

Reported in: [1998]229ITR421(SC); JT1997(9)SC536; (1998)1SCC49; [1997]Supp6SCR62

31.3.1972.4. We are unable to uphold the assessee's contention. The Gift Tax Officer has to find out the correct value of We are unable to uphold the assessee's contention. The Gift Tax Officer has to find out the correct value of the were transferred on 28.3.1973. Section 6 of the Gift Tax Act lays down the method of valuation of gifts. Sub-section (3) High Court Under Section 26(1) of the Gift Tax Act, 1958 :'Whether, on the facts and in the circumstances of the was referred by the Tribunal to the High Court Under Section 26(1) of the Gift Tax Act, 1958 :'Whether, on the with all of them.10. We are of the view having regard to the fact that the gift was made on the

H.H. Maharana Rajasaheb Shri Pratapsinhji Saheb of Wankaner Vs. Commis ...

Court: Supreme Court of India

Reported in: [1970]78ITR1(SC); JT1986(1)SC356

can be considered as a 'gift' as defined in the Gift-tax Act.6. For the reasons mentioned by us in our judgment in Civil Appeal No. 695 of 1968 (Goli Eswariah v. Commissioner of Gift-tax1), our answer to the question referred is in two sons and his wife. The question is whether the act of the assessee can be considered as a 'gift' as made by the Income-tax Appellate Tribunal, Bombay Bench 'C', under Section 26(3A) of the Gift-tax Act,1958. The question referred for the

Pyndah Satti Raju and ors. Vs. Commissioner of Gift-tax

Court: Andhra Pradesh

Reported in: [1977]108ITR249(AP)

was nobody's case that he could not make a valid gift of the items shown in the Schedule to the settlement inclusive of medicines and furniture valued at Rs. 15,000 is taxable under the Gift-tax Act, 1958 (Act No. 18 of 1958). furniture valued at Rs. 15,000 is taxable under the Gift-tax Act, 1958 (Act No. 18 of 1958). 2. The assessee, Pynda taxable under the Gift-tax Act, 1958 (Act No. 18 of 1958). 2. The assessee, Pynda Satti Raju, executed a settlement deed including certain transfers. The intention of the donor was to effect a transfer in praesenti of his proprietary interest to the to levy gift-tax on 'the market quotations of the rights'. 10. Mr. W.V.V. Sundara Rao, however, invited our attention to a 'Transfer of Property' is again defined in Clause (xxiv) of Section 2 and it means : 'Any disposition, conveyance, assignment, settlement, present case is not one where the assessee had no power of disposal over the various items of property gifted by No. 22, at Pittapuram (in a rented building) and medicines,furniture, etc., valued at Rs. 15,000.....' 3. The case of the assessee

Commissioner of Gift-tax Vs. V. Chithra

Court: Kerala

Reported in: [2001]249ITR313(Ker)

the Supreme Court. TheSupreme Court held that there was a gift and the appeal was dismissed.7. The facts of the present gift chargeable to tax. The Assessing Officer accordingly determined the taxable gift and levied the gift-tax thereon. The assessee appealed to there was a transfer of property as per the Gift-tax Act. He submitted that the decision in T. M. Luiz Kannumally's reference applications are under Section 26(1) of the Gift-tax Act, 1958. The assessment years are 1987-88. These arise out of Reference soldthe machinery to another concern for the price of Rs. 10,76,220. On thesefacts, the Gift-tax Officer came to the conclusion that to are as follows :In R. A. No. 60 of 1998 :'1. Whether, on the facts and in the circumstances of assessment made under Section 15(3) and the penalty levied under Section 17(1)(a). The Tribunal placing reliance on the decision in T. against the levy of penalty. Since according to the appellate authority, there was no liability to file a gift-tax return, the existing partners and that there was no gift involved with regard to the goodwill concerned, and on the facts of the concerned there is some difference in fact. There is no evidence to show that any amount was paid to the retiring

Commissioner of Gift-tax Vs. Inder Singh Rajput

Court: Rajasthan

Reported in: [1998]233ITR660(Raj); 1998(1)WLC274; 1997(2)WLN87

gift under that section. Although under Section 2(xii) of the Gift-tax Act, the expression 'transfer of property' has also been given time being in force, for the purpose of computation of taxable gifts made by the individual, the said individual shall be probably under Clause (d) of Section 4 of the Gift-tax Act, 1958, and as per this clause the gift could be under Clause (d) of Section 4 of the Gift-tax Act, 1958, and as per this clause the gift could be said a gift in that section. These amendments have already taken effect from April 1, 1972, and apply for the assessment year through the provisions of the statute in so far as Section 4(2) of the Gift-tax Act are concerned. The amended statute house. The assessee was asked by the Revenue to provide evidence in this connection and he was further asked as to

Commissioner of Gift-tax, Bombay City I Vs. G.G. Morarji

Court: Mumbai

Reported in: (1965)67BOMLR406; [1965]58ITR505(Bom); 1965MhLJ645

the year 1958 by Parliament to provide for levy of gift-tax. The charging section is section 3, and it provide : minor children by creating a trust, invites a liability to tax. Such illustrations could be multiplied by referring to certain other 'trust' is defined in section 3 of the Indian Trusts Act, and reading the section, it becomes clear that though the on his wife by the aforesaid deed date December 22, 1958. The Gift-tax Officer held that the assessee to was not in clause (xxiv) so to restrict the operation and legal effect of creation of a trust in favour of the beneficiaries. 1957), at the rate or rates specified in the Schedule.' 10. Under the charging section thus, gifts made after the 1st therefore, the assessee was not entitled to the exemption under section 5(1)(viii). An appeal taken by the assessee before the Appellate trust property. The fundamental attribute of ownership of property is power or right of transfer and right to possess and enjoy is entitled to an exemption. Further, in our opinion, having regard to the terms of the settlement deed, there is no certain other clauses of section 5, e.g., (iv), (v), (xii) etc. There is no warrant to assume such an intention on

K.M. Sheth Vs. Commissioner of Gift-tax

Court: Mumbai

Reported in: (1987)89BOMLR647; (1987)66CTR(Bom)129; [1988]170ITR406(Bom)

which the gifts are proved to the satisfaction of the Gift-tax Officer as being reasonable having regard to the circumstances of in the assessee's own cases - K. M. Sheth V. CIT : [1977]107ITR45(Bom) and CIT V. K. M. Sheth : [1986]160ITR814(Bom) thus :'5. (1) Gift-tax shall not be charged under this Act in respect of gifts made by any person - ... by Shri Mehta that section 5(1)(xii) of the Gift-tax Act, 1958, which reads thus :'5. (1) Gift-tax shall not be charged and marriage expenses. It is submitted by Shri Mehta that section 5(1)(xii) of the Gift-tax Act, 1958, which reads thus :'5. case before us does not fall within the meaning and scope of this clause. In the first instance, the settlement in the satisfaction of the Gift-tax Officer as being reasonable having regard to the circumstances of the case. However, the case before

Subhash Dhanraj Choudhari and Others Vs. Commissioner of Gift-tax

Court: Mumbai

Reported in: [1991]192ITR298(Bom)

Gift-tax Officer came to the conclusion that there was a gift made by the assessee, the father, in favour of his we are not concerned in this reference. The Appellate Assistant Commissioner confirmed the order of the Gift-tax Officer in this behalf. the gift is exempt under section 5(i)(xiv) of the Gift-tax Act, 1958 ?' 2. Briefly stated, the relevant facts are that questions of law under section 26(1) of the Gift-tax Act, 1958 : '1. Whether, on the facts and in the circumstances result that the share of that partner got reduced from 10 annas to 6 annas and the son who joined the referred to this court the following questions of law under section 26(1) of the Gift-tax Act, 1958 : '1. Whether, on the case of CGT v. P. Gheevarghese, Travancore Timbers and Products : [1972]83ITR403(SC) . For the reasons given in the impugned

Commissioner of Gift-tax Vs. Bandlamudi Subbaiah

Court: Andhra Pradesh

Reported in: [1980]123ITR509(AP)

the scope of Clause (vii) of Section 5(1)(vii) of the Gift-tax Act, even if the arrangement was reduced to writing much Sambasiva Rao, C.J.1. This tax case raises questions under the Gift-tax Act and the general at all which comes within the ambit of the G.T. Act. The Tribunal is very much right in taking the view make some other provision. By making such provision, it has ceased to have any monetary obligation towards the unmarried daughters. What marriage of the relative, subject to a maximum of Rs. 10,000 in value in respect of the marriage of each such the transfer or conversion of any property referred to in Section 4, deemed to be a gift under that section '. give her some property, certainly it would come within the scope of Clause (vii) of Section 5(1)(vii) of the Gift-tax Act, the agricultural lands allotted to the married daughters or in regard to the lands allotted to the unmarried daughters. This claim