which is the subject-matter of the gift, to the exclusion of the donor, immediately upon the gift, and (2) the donee must have retained ... three of the following conditions are satisfied, viz.:-
(1) The donee has assumed bona fide possession and enjoyment of the gifted property immediately upon
which conditions and obligations against the
objectives of the Board are attached);
(13) To own, establish, purchase, exchange, acquire by gift, take
on lease, hire
regarded as a gift to the extent of the shortfall in consideration for purposes of liability to gift-tax. But this short-fall in consideration ... Court, infer alia, laid down that the onus of establishing that the conditions of taxability are fulfilled, is always on the revenue. On pages
articles purchased under this voucher are totally prohibited for being sold, gifted or otherwise disposed off within the territory of India to any person ... invoices, clearly means that the buyer has agreed to such conditions. The learned Authorised Representative further submitted that the facts of the assessee
Rajendra And Ursula Joshi Holdings ... vs Principal Commissioner Of Income ... on 24 August, 2022
vk
purchased within time allowed u/s 54F. Thus,
assessee duly satisfied conditions prescribed u/s 54F and his claim of
deduction is to be allowed ... that section 2(47)(v) is not
applicable as in case of gift there is no consideration. This observation is
erroneous as section
acting without
jurisdiction if the reason for his/here belief that the conditions are
satisfied does not exist or is not material or relevant ... year because the said property had
already been gifted to the said society vide a gift Deed dated
19.12.2005 (PB 11-14) and the assessee
Deputy Commissioner Of Income Tax, ... vs M/S Kanchan India Pvt. Ltd., Bhilwara on 1
account (OBC Bank Statement- PB 115) were the primary source of the gift to the
assessee.
b. Personal Capital: The assessee's father ... capital and profit were also used to contribute to the gift.
Thus, the gift of Rs. 2.10 crores from assessee's step father
justifications given by the assessee regarding the items of
club fees, gifts and presents and provision for leave encashment, but during the
assessment proceedings ... recorded was income escaping assessment in respect of items of club fees, gifts and
presents, etc., but while these items were not disturbed, the Assessing
