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2001 (8) TMI 109 - SC - Income TaxWhether, on the facts and circumstances of the case, the Tribunal was justified in law in holding that no valid gift of out-houses of the building named as 'Deep Shikha' was made by the assessee to his wife in terms of the Gift-tax Act, 1958 ? Held that:- There may be certain transactions of transfer which may not amount to a gift within the meaning of section 122 of the Transfer of Property Act but would be regarded as gifts for the purpose of subjecting such transfers to the levy of gift-tax. In the instant case, the High Court did not even refer to the provisions of the Registration Act and, theref6re, fell in error in coming to the conclusion that the case fell within the provisions of section 4 of the Gift-tax Act and, therefore, as it was a deemed gift it was not necessary that the document had to be registered. In our view, the general law did not stand abrogated and the requirement of complying with the provisions of the Transfer of Property Act and the Registration Act had to be fulfilled. The High Court, therefore, erred in answering the question of law in the negative and against the Revenue.
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