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2001 (9) TMI 11 - HC - Income TaxGift Tax Act, 1958 - "(1) Whether, exercise of power of appointment by the assessee was a transfer of the assessee's interest in the property under section 2(xxiv)(c) of the Gift-tax Act making the assessee liable to tax under the Gift-tax Act? - (2) If the answer to question No. 1 is in the affirmative, whether the assessee by exercising the power of appointment regarding his interest in the property and naming the persons to whom the trustees of the original trust should transfer the property at a future date, became liable to gift-tax in this assessment year? - (3) Whether the expression 'in such manner' in clause (1)(iii) of the trust deed did not empower the trustees to make a direct transfer to appointee trusts? If it did so empower, whether there had been such a direct transfer for which no tax is leviable as it had already been paid at the time of the first transfer?" - "(4) Whether, the Appellate Tribunal has been right in law in holding that the Gift-tax Officer was not justified in levying gift-tax on the value of the entire corpus on the ground that it was only the' assessee's interest in the property which was transferred and it was that which was required to be considered for the purpose of the gift-tax?" - we answer questions Nos. (1) and (2) in the affirmative, i.e., in favour of the Revenue and against the assessee, while question No. (3) is answered in the negative, i.e., in favour of the Revenue and against the assessee. So far as question No. (4) is concerned, we answer the same in the affirmative, i.e., in favour of the assessee and against the Revenue.
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