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
that these decisions do not say that it applies only to invalid gifts. In fact, there is no need for such a provision for invalid ... gifts, because invalid gifts will be ignored. Section 4(5A) ensures that even valid gifts can be ignored for wealth-tax purposes. He pointed
trust for the workmen was not a charitable trust but the residuary gift which imposes a trust that the money should be expended ... their own free will there was nothing to render the gift invalid.
33. The principles of these decisions, as rightly pointed out by Shri Khare
submissions made by the ld. D.R. :-
1. In case the gifts were invalid, then the right to the moneys still vested in the donors ... already accepted the validity of the gifts.
2. Even if the gifts were invalid, the source was still linked to the donors there being nothing
that the Assessing Officer has
rightly treated the gift as an invalid gift since gift declaration was not
registered with the Sub-Registrar
transfer in the books of the company did not invalidate the gift in any way. Although the plaintiff would not be regarded as a shareholder ... transfer in the books of the company does not invalidate the gift in any way. It was held in that case that although the donee
hold for the reasons stated in that order that the gifts were invalid and, therefore, the properties in question have been rightly included ... invalid and, therefore, non est in the eye of law, any assets or income thereof purchased or acquired from the amounts constituting the invalid gifts
also submitted that since the gifts by blood relatives are covered by the
said definition, the gift received by the assessee was exempt from ... gift and the money
had been returned to the donor by the assessee on 27.03.2011. It was
submitted that since the gift was an invalid
that the gift is
effective from the 13.09.2011 when the gift deed was
registered and not from 16.08.2009 when the gift deed was
made ... whether the gift deed dated
16.08.2009 is valid or not. The Ld. CIT(A) has treated the gift
deed dated 16.08.2009 as invalid
illegal and not binding. Therefore, he contended, the gift was an invalid gift.
5. Shri Ramakrishna Rao objected to the remarks of the AAC that ... natural guardian, there was no need for acceptance of the gift. The gift is complete the moment the shares were delivered along with the transfer
