TMI Blog2015 (10) TMI 1004X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. The order of CGT(A) is null and void and the assesee’s appeal is allowed. - GTA No.1(BNG.)/2014 - - - Dated:- 4-9-2015 - SMT ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER AND SHRI ABRAHAM P GEORGE, ACCOUNTANT MEMBER For The Assessee : Shri V.K.Gurunathan, Advocate For The Revenue : Shri G.R. Reddy, CIT-I ORDER PER SMT ASHA VIJAYARAGHAVAN, JM: This appeal filed by the assessee is directed against the order of the Commissioner of Gift Tax (A), Bangalore dated 19-11-2013 for the assessment year : 1981-82. 2. The assessee was served with notice u/s 16(1) of the GT Act for the relevant assessment year. The assessee filed the return declaring NIL gift. 2.1 The facts of the case are that the assessee is one of the daugh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held only by Sri S.N.Wadiyar. 2.4 The revenue was of the view that on the demise of Sri J.C.Wadiyar, there was succession u/s 6 of the Hindu Succession Act and accordingly, the assessee had 1/14th share in the properties of the HUF and also 1/7th share of the properties in the minor HUF. The revenue has accordingly held that by surrendering their shares in the HUF in favour of the brother by the sisters, there was a deemed gift as contemplated u/s 4(1)(c ) f the Gift Tax Act, 1958 and accordingly the learned assessing authority valued the assets of the HUF and determined the gift for gift tax. The matter was taken to the Appellate Authorities and the Hon ble Tribunal vide its order dated 26-11-1998 in ITA No.29/Bang/1990 set aside the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act, the ld.CGT(A) ought to have declared the said orders as null and void. 5. The ld.CGT(A) ought to have appreciated that even if the compromise deed dated 07-08-1980 was not to be considered, still there was no gift during the relevant financial year which is amenable to Gift Tax Act. 6. Even assuming that the compromise deed is a family arrangement amongst the parties, there is no gift as there being no transfer and consequently, no gift tax is leviable as held by the Hon ble High Court of Karnataka in his judgment dated 06-09-2010 in GTA No.2/2008 c/w GTA No./1/2008 in the case of Commissioner of Gift Tax and the Asst. Commissioner of Gift Tax Vs Sri K.N.Madhusudan, wherein it was held that he term transfer under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de or cancelling an assessment may be made at any time before the expiry of (two years) from the end of the financial year in which the order u/s 22 or 23 is received by the Chief Commissioner or Commissioner) or, as the case may be, the order u/s 24 is passed by the Commissioner . 7. The learned counsel for the assessee pointed out para 42 of the order of the Tribunal wherein it had set aside the issue to the Gift Tax Officer which is as under; 42. Considering the above view points observed by us, we are of the opinion that the assessments under the Wealth Tax and the Gift Tax must be set aside to be redone by bringing in answers to the various issues and the facts concerning the same and by affording the appellants an opportunit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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