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2009 (9) TMI 644 - AT - Income TaxGift - Deemed gift - Whether on the facts and circumstances of the case, the order of the AO under s. 15(3) r/w s. 16 of the GT Act; 1958, proposing gift-tax on a sum of Rs. 60,14,109 be quashed or it may be held that provisions contained in s. 4(1)(a) of the GT Act were rightly invoked by the AO and the matter should be remanded back to the AO for computing the value of gift on the date of gift i.e., 1st April, 1994 in the manner laid down in Sch. II in the GT Act, 1958 - Held that:- there is no deemed gift within the meaning of s. 4(1)(a) of the GT Act - the assessment order made under the GT Act imposing gift-tax on a sum of Rs. 60,14,409 should be set aside.
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