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2002 (12) TMI 19 - HC - Income TaxGift Tax Act, 1958 - Whether, Tribunal is right in law and also had valid materials in holding that transaction by which a self-acquired property of the assessee was alienated in favour of her son by way of a partition deed is only a family arrangement and, therefore, is outside the purview of the Gift-tax Act? - 2. Whether, Tribunal is right in law and also had valid materials in holding that the transaction by which the assessee leased out the properties to her husband and two daughters at a lease rent which is far below the annual income of the property is only a family arrangement and is outside the purview of the Gift-tax Act?" - We answer both the questions of law referred to us in the affirmative, against the Revenue and in favour of the assessee.
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