viib) are not taxable under Income-tax Act or any
other Act. During the period, when Gift Tax Act was
in existence, gifts by companies ... 2015
legislature indicated its intention that the gifts will be
no more taxable under the Gift Tax Act , but nc
corresponding change was made under
received by way of
gift as income under the Act, the act of receiving gift of shares did not
tantamount to income. The assessee company ... donee in any form under the
Income-tax Act or any other Act. The taxability of gifts remained outside
the tax net for a long
fact, a gift and constitutes a taxable gift under Section 4(1)(a) of
the Gift Tax Act. It was submitted that the Act makes ... shall be deemed to be a gift made by such
person;"
Section 3 of the Gift Tax Act, 1958 is the charging provision
provisions of the Transfer of
Property Act . Under Section 122 of the
Transfer of Property Act, gift is defined thus :
"Gift ... making the gift and cannot be
regarded as a consideration for the gift
26
because the very concept of gift is based on a
purely
Gift Deed, but not
condition of Gift Deed. On this ground also, the cancellation
of the Gift Deed is an illegal act committed ... Section 11 of Contract Act, but provisions of Transfer of
Property Act permits a minor to accept the gift. At this stage, it
is more
provisions of the Transfer of
Property Act . Under Section 122 of the
Transfer of Property Act, gift is defined thus :
"Gift ... making the gift and cannot be
regarded as a consideration for the gift
26
because the very concept of gift is based on a
purely
gift thereby making the gift incomplete. This Court, further, held that the donor cancelled the gift within a month of the gift and subsequently executed ... execution of a registered gift deed, acceptance of the gift and delivery of the property, together make the gift complete. Thereafter, the donor is divested
capital gains
in accordance with the provisions of the Income Tax Act . The Gift
Tax Officer formed an opinion that the sale ... period for which the gift is not revocable."
7. Rule 11 of the Second Schedule to the Gift Tax Act as
applicable at that
capital gains
in accordance with the provisions of the Income Tax Act . The Gift
Tax Officer formed an opinion that the sale ... period for which the gift is not revocable."
7. Rule 11 of the Second Schedule to the Gift Tax Act as
applicable at that
clause 10 of the Gift Deed that donor has executed this Gift Deed
voluntarily without any outside pressure. The Gift Deed was signed ... Section 126 of Transfer of Property Act 1882.
33. As per Section 126 of Transfer of Property Act, gift may be
revoked either on happening
