cancellation or revocation of gift. The Gift Tax Act , is silent on the revocation of gift and if, gift is made, whether ... gift cannot be revoked." A gift is a transfer of property and when an absolute gift is made, subject to a condition restricting alienation
company or 8 body corporate can never give or receive a gift.
Gifts are generally given and received by Individuals. Similarly a company ... provides that the natural love and affection is a condition for making a valid
gift. The Appellant submits that observations of the AO with respect
approval of the donors is a condition that has no sanctity, but such condition fail and not the gift. The applicability of Schedule ... made subject to a condition which derogates from the completeness of the grant, the condition is void and the gift will take effect
gift is made subject to a condition, the condition cannot be detached and that valuation of the gifted property without making necessary adjustment while fixing ... gift. Unless the gift is completed, a charge cannot arise. Here, the charge for gift-tax is the consequence of a gift. For these reasons
taxable gift was with a view to avoid payment of gift-tax. He accordingly taxed the assessee at a figure of taxable gift ... valid gift. It was submitted that the Gift-tax Act does not envisage explicitly or implicitly 'acceptance' as an essential condition in making
could be conditional gift and there was no invalidity in it. It should have been treated as a gift with a condition ... condition that the income would be given to the assessee as an individual and it was subject to this condition that the gift had been
date of alleged gift and, as such, the gift was void. Besides, according to him, this was a case of gift with consideration ... challenge the validity of gift deed dated 30-3-1973. According to him, this was a gift with a condition and that
gift. A gift cannot be treated and assessed as income in the hands of the recipient for as a gift it would be application ... case (supra), where a donor-trust makes a gift on the express condition that the subject-matter will form part of corpus
effect to tax gifted sum subject to certain terms
and condition after gift tax was dropped with effect from 30th September,
1998. Therefore, whole purpose
gift was made in view of a consideration and this
condition of further valid gift was not met by the assessee, therefore, gift
made ... Therefore it
cannot be said that the gift made by the appellant is not voluntary. The
financial condition of the assessee
