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2003 (1) TMI 75 - HC - Income Tax"1. Whether income from property known as Shalini Palace at Kolhapur, purported to be gifted by the assessee by a gift deed dated September 27, 1964, subject to the agreement between the assessee and the donee dated September 27, 1964, could be included in the assessee's total income ? - This question is answered in the negative and in favour of the assessee. - 2. Whether the gift deed dated September 27, 1964, by which the assessee gifted Shalini Palace to Chatrapati Shivaji Co-operative Education Society, had to be considered with the agreement of the same date between the assessee and the donee-society as part of the same transaction and whether in view of the said agreement there could not be said to be a gift to the donee absolutely until the conditions in the agreement were fulfilled ? - This Question is answered by holding that the gift deed and the agreement both dated September 27, 1964, could not be treated as part of the same transaction and that the gift to the donee was absolute and irrevocable - 3. Whether on a proper interpretation of the gift deed dated September 27, 1964, as also the agreement dated September 27, 1964, between the assessee and the donee, i.e., Chatrapati Shivaji Co-operative Education Society, Kolhapur, there could be valid gift of the property known as Shalini Palace by the assesses ? – It is answered by holding that the gift deed dated September 27, 1964, was validly gifted by the assessee in favour of the donee-society. - 4. Whether the gift of Shalini Palace by the assesses was subject to condition subsequent and the entire gift failed on non-fulfilment of that condition ?" - It is answered by holding that gift deed dated September 27, 1964, was not a conditional gift and, hence, the question of the entire gift failing on account of the non-fulfilment of the condition does not arise.
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