further submitted that the member
had a right to transfer, bequeath or gift his
membership/timeshare unit to any person. One of the
arguments ... that it had
to incur substantial expenses either to construct new
properties, or for renovation and replacement of various
assets and hence the income
some dispute or even possibility of any future dispute.
No evidence has been produced that the properties are under any
dispute. Hence, the claim that ... deed of family partition has been drawn in respect of individual
properties of the assessee and his brother with none of the other family
members
property was
involved within the meaning of Section 2(xxiv) of the Gift-tax Act and, hence,
there was no liability to gift-tax either ... parties who raised disputes or rights or claimed rights in certain properties
had in law any such right or not. In Maturi Pullaiah v. Maturi
Janaki, the family property which was settled in her favour was owned by Six co-owners. This divesting of property to Smt. D. Janaki ... discussed, we fairly feel that divesting of this property does not attract the provisions of Gift Tax Act and accordingly this cannot be termed
property was involved within the meaning of Section 2(xxiv) of the Gift-
tax Act and, hence, there was no liability to gift-tax either ... parties who raised disputes or rights or claimed rights in certain
properties had in law any such right or not. In Maturi Pullaiah v. Maturi
making any provision for maintenance. Therefore, the lower authority has rightly levied gift-tax.
5. Having heard the learned representatives on both sides, We also ... that the property was originally purchased by the assessee along with his brother. The assessee has transferred his half share in the property in favour
Deputy Director Of Income Tax ... vs Willingdon Charitable Trust on 30 June, 2006
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