1979 (4) TMI 99 - AT - Income Tax

Summary

The appellate tribunal dismissed the departmental gift-tax appeal for the assessment year 1970-71, ruling that a transaction dated 24th Feb., 1970 was void due to being contrary to the Tamil Nadu Land Reforms Act, 1961, making it an invalid gift with no transfer of property. The departmental appeal and cross objection by the assessee were both dismissed.