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2008 (12) TMI 410 - HC - Income TaxAssessee declared value of types of gifts - (i) outright gift, and (ii) revocable gift - regard to the revocable gift, protective assessment was made - revocable gifts were void as the assessee avoided the liability under the Wealth-tax Act and also being against the provisions of section 126 of the Transfer of Property Act - Revenue made an application stating that if the gift was revoked, bonus shares will revert back to the donor, which aspect was not considered by the Tribunal - Tribunal rejected the said application on the ground that the said issue was not raised earlier - Held that: - bonus shares or dividend income remained to be the income of the donee, under section 6(2) of the Act, the donor was liable to pay gift-tax on the value to be determined under the said tax Act - This aspect is not shown to have been raised at any earlier stage and merely on an oral prayer, we cannot direct this question to be referred as the same does not arise from the order of the Tribunal. The petition is, accordingly, dismissed
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