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2011 (7) TMI 423 - HC - Income TaxGift Tax - Whether the Tribunal was right in holding that the property was transferred out of love and affection and hence there is an element of gift involved while the petition for divorce was filed on the same date of settlement and the same was pending before the Court - the property had been transferred by the assessee to her husband out of love and affection and that the marriage was subsisting at the time of the transfer of the property, as the divorce had taken place, only on 29-6-1990 -The Tribunal had further pointed that the assessee had not produced any materials to show that the property purchased in the year, 1968, was out of the funds of her husband - Thus, in the absence of any such materials, the Tribunal, had rightly held that the transaction in question attracted gift tax - Decided against the assessee.
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