money passed and that the gift was complete upon the acceptance of the gift by the assessee. When the gift is complete in accordance with ... view and hold that it is a collusive transaction and the gift is invalid or not genuine. The assessee's counsel took
assessee was that the gift in question was not for pious purposes nor was the quantum of gifts reasonable having regard to the total value ... karta was incompetent in law to make the gifts and, therefore, the gifts were invalid. The second contention raised before the lower appellate authority
gift, possession of which portion passes away to the donee. So, the transactions
made by the donors cannot be treated as a valid gift ... Mitakshara family of his undivided interest is wholly invalid. A coparcener cannot make a gift
of his undivided interest in the family property, movable
disallowance of gifts by the Learned Income Tax Officer is wrong
unjust in view of the following reasons:-
(i) Gift by Sri Bhakti Binod Sinha ... were kept by them. Sri Sushil Kar
becoming old and invalid have gradually made gifts of his savings to the
sons of his late brother
Managing Director and gifts to his near relatives and drew small amounts for himself, was held to be invalid. The Hon'ble Supreme Court
circumstances to make a gift. It is well-
settled in law the "karta" can make out a gift within reasonable limits and without ... validity of the gift may be called in question. But, in the present case,
the material clearly shows that a gift was given
from whom impugned gifts were received by assessee from the
AO's having jurisdiction over the donors of the impugned gifts ... bogus gifts needs to be disallowed under the provision of
Section 68 of the Act however, merely wrong quote of section would not
invalid
section 2(24)(iia) did not authorise the assessment of the corpus gifts and further that it was not necessary for a valid religious endowment ... that the general rule which requires that for the validity of a gift, the relinquishment must be in favour of a sentient being does
value of the gifts was taken at Rs. 98,535. The said Gift-tax assessment was set aside by the AAC on appeal ... Paper Book. As the Gift-tax assessment was made on 22-10-83 taking the value of gifts at Rs. 49,000, the sanction
A.C.I.T.,Circle-3(2), Kolkata vs M/S Mani Square Ltd., Kolkata
