Search Results Page
Search Results
1 - 5 of 5 (0.21 seconds)Commissioner Of Gift-Tax vs D.C. Shah And Ors. on 25 September, 1996
9. There is no dispute with regard to the factual position
and the matter requires to be considered only with regard to
the question of law and the effect of the verdicts passed by the
Supreme Court as per the decisions mentioned above. The
question considered by the Apex Court in Commissioner of
Gift Tax v. D.C.Shah and others (249 ITR 518), pursuant
to the reference, was:
Section 4 in The Gift-Tax Act, 1958 [Entire Act]
D.C. Shah And Ors. vs Commissioner Of Gift-Tax, Karnataka on 10 December, 1980
During the course of hearing,
the law declared by the Supreme Court in 249 ITR 518 (cited
ITR.Nos.6 and 8 of 2000 11
supra) was sought to be relied on from the part of the
assessee and reference was made to other verdicts as well.
166 ITR 124 (cited supra) was sought to be relied on by the
Revenue. After hearing both the sides, the Apex Court held
that the Bench was unable to accept the contention that the
transfer was for inadequate consideration so as to amount to a
taxable gift within the meaning of Sec.4(1)(a) of the Gift Tax
Act. The view expressed by the Bench in D.C.Shah & others
v. Commissioner of Gift Tax, Karnataka (134 ITR 492)
was relied on and accordingly, a verdict was passed in favour
of the assessee and against the Revenue, virtually allowing
the appeal and setting aside the verdict passed by this Court.
K. Govindan vs Gift Tax Officer on 3 March, 1996
Both the above decisions
were referred to and relied on by a Division Bench of this Court
in the ruling rendered and reported in Govindan v.
Commissioner of Gift Tax (2004(2) KLT 834).
1