9911796707
TMI Blog1986 (3) TMI 148X X X X Extracts X X X X X X X X Extracts X X X X ..... dispute in these appeals relates to inclusion of price of gold ornaments weighing 468 gms. given by the assessee trust to Smt. Vimal Devi Modi W/o Rajkumar Modi on 28th July 1976. Initially, the WTO added the value in the net wealth of the assessee for the asst. yr. 1977-78, but the AAC deleted the same. The Department came up in second appeal before the Tribunal and a fresh ground was raised bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ese documents, the trust property could not have been parted from by way of gift. Since the assessee himself had declared the present transfer to be way of gift, naturally, the property still continued to belong to the assessee and liable to be by included in its net wealth. We are afraid, we are not inclined to accept this conclusion. As a matter of fact, the contention of the assessee although h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n. No doubt, in some of the proceedings relating to gift-tax, the assessee itself has alleged that a gift had been made in respect of this jewellery. But the wrong description by the assessee was not binding upon it and the Tribunal was at liberty to find out the real nature of the transactions. For this purpose, reliance was placed on some authorities namely Delhi Stock Exchange Association vs. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f argument that the ornaments had been given away by the assessee to Smt. Vimal Devi Modi and such giving was contrary to the directions contained in the trust deed, the fact remains that the ornaments were movable property and delivery or possession was sufficient to deprive the assessee of their ownership. Whether the assessee's action amounted to a gift or to a transfer in terms of the obligati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has lost it and no body affected by this transfer has challenged it. It is not for the IT Department to question the authority of this transfer more so by way of additional ground before the Tribunal, when it was never the case of the WTO that it was a bad transfer in law. The appeals are accordingly allowed and the value of the gold is directed to be excluded from the total wealth of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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