donee.
2. Whether the cancellation of gift deeds subsequently alter the character of the gift, as the gift deeds are unconditional and the Transfer ... hereinafter referred to as TP Act ) permits revocation of gift if the gift is conditional only. There is no provision as regards to the cancellation
made gifts to
the daughters of Justice P.D.Dinakaran and Dr.Vinodini Dinakaran.
To ascertain the genuineness of gifts, three conditions are required ... Donor; and
iii. Genuineness of the gift/transaction
In the instant case, all these conditions are satisfied. The ld.AR of
the assessee strongly supported
facto gift at all.
(6) Gift for purposes of levy of Gift-tax must be a real gift. Possession and enjoyment of the gifted property ... referred to as T.P.Act) permits revocation of gift if the gift is conditional only. There is no provision as regards to the cancellation
Appellants, the Gift Deed dated 10th December, 2002 was purely
conditional gift and due to non-fulfilment of the condition, the shares of
Late Kishanlal ... Gift Deed dated 16.10.2007
13. Now we come to the Gift Deed dated 16th October, 2007 relied on
by the Appellants. The document of Gift
that the A.O. has accepted these two gifts as genuine gifts fulfilling all the requisite conditions necessary for providing the identity and creditworthiness ... both accepting the factum of the gift. Further the gift is also evidenced by documentary evidences like gift deeds, sworn affidavits, declarations before
donor. Thus, according to assessee's counsel the essential conditions for making valid gift were present and complied with both by the donor ... person called 'donee'. If these essential conditions are prevalent or satisfied, then the gift is complete and it is not open for challenge
Groz Beckert Saboo Ltd. 116 ITR
125 and reasoned that a gift with conditions attached constitutes
taxable gift. The socalled gift is not a voluntary ... Amendment Act, 2006 providing
for taxation of gifts in cash or kind subjected to fulfilment of certain
conditions specified in these amended provisions. In other
gift deed. In Clause 2, it was mentioned that the gift was irrevocable. In Clause 3(i)(a) and 3(i)(b) the conditions have ... lakhs. As already stated one of necessary conditions for an effective gift was that the movable property of which the gift is made is delivered
gift, there was no acceptance of the gift by the donee. There was no delivery of possession. Hence none of the conditions required ... that the gift in question is not in fact a gift at all because there was a rider attached to the gift
fall within the definition of a gift as defined U/s 2(xii)
of the Gift Tax Act, 1958 .
4 ITA No.199(Asr)/2015 ... unrestricted power to take it
back the next minute.
c. That conditional/revocable gift being outside the preview of a
valid gift does not constitute
