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2002 (8) TMI 76 - MADRAS HIGH COURTGift Tax Act, 1958 - "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the transfer of jewellery (27 items of gold, diamonds, rubies, etc. stated to be of the value of Rs. 7.5 lakhs) to the company called, M & L Investments Pvt. Ltd., amounts to a taxable gift within the meaning of section 6(2) of the Gift-tax Act?" - we reframe the question as under: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the transfer of jewellery (27 items of gold, diamonds, rubies, etc. stated to be of the value of Rs. 7.5 lakhs) to the company called, M & L Investments Pvt. Ltd., would amount to a gift?" - we answer the question of law as reframed by us in favour of the Revenue and against the assessee. It is made clear that it is open to the assessee to raise all objections that are open to her in law before the Gift-tax Officer including the question of levy of gift-tax on the transaction in question.
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