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1 - 10 of 12 (0.24 seconds)Section 6 in The Gift-Tax Act, 1958 [Entire Act]
Section 2 in The Gift-Tax Act, 1958 [Entire Act]
The Transfer Of Property Act, 1882
Section 33 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax, Bombay vs Scindia Steam Navigation Co. Ltd. on 6 April, 1961
The provisions of Section 26 of the Gift-tax Act (hereinafter referred to as the Act) are similar to those of Section 33 of the Income-tax Act (XI of 1922) the scope of which was explained in Commr. of Income-tax v. Scindia Steam Navigation Co. Ltd., . Even the assessee's applications under Section 26(1) have not been placed before us and we are not in a position
to determine what were the questions raised by him before the Appellate Tribunal. In the absence of necessary facts, it is possible to answer the questions referred to us only without entering into the legal effect of the settlement deeds. Thus the limbs of the questions are: (1) whether the transactions under the settlement deeds are gifts within the meaning of the Act, irrespective of their legal effect, and (2) whether the assessee is liable to be taxed under the Act in respect of the said transactions, irrespective of their legal effect.
Section 4 in The Gift-Tax Act, 1958 [Entire Act]
Section 26 in The Gift-Tax Act, 1958 [Entire Act]
The Income Tax Act, 1961
Commissioner Of Gift-Tax vs C. Satyanarayanamurthy. on 27 March, 1964
Clauses (xii) and (xxiv) of Section 2 were construed by their Lordships, Chandra Reddy, C. J. and Kumarayya, J. in Commr. of Gift Tax v. Satyanarayanamurthy, and it was held that the definition of 'transfer of property' in the Act is of wider import than that contained in the Transfer of Property Act. Unlike the Transfer of Property Act, the definition of 'Gift' in Section 2 Clause (xii) does not require acceptance by the donee. The definition of 'transfer of property' in Clause (xxiv) extends the ordinary meaning of that expression, which is limited to the passing of one person's interest in property to another person. The mode of transfer is not stipulated nor the consequences of non-acceptance by the donee or non-compliance with the modes of transfer required by the general law.