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1972 (12) TMI 24 - HC - Income TaxGift Tax Act, 1958 - One Appavoo Pillai made a gift of three buses to his son, Vimalan, the assessee, under a registered settlement deed - Under that deed the value, shown for the three buses was Rs. 20,000. The Gift-tax Officer found that the written down value of the buses on the date of the transfer was Rs. 31,688. He, therefore, estimated the value of the buses at Rs. 31,688. In addition he also estimated the value of the route permits on which the buses were plying at the time of the transfer at Rs. 75,000 and computed the gift-tax payable on that basis - Gift-tax Officer was justified in estimating the value of the route permits and adding them to the value of the buses
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