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2005 (2) TMI 89 - HC - Income TaxGift Tax Act, 1958 – deemed gift - "1. Whether, on the facts and in the circumstances of the case the Tribunal was legally correct in holding that the rules framed under the Stamp Act are not conclusive of determination of market value of properties? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that there was no deemed gift in the case?" - We are of the considered opinion that the rules framed under the Stamp Act cannot be pressed into service for determining the market value of the property and, therefore, there is no deemed gift in the present case.
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