Law: Gift Tax Act, 1958

Section: 2(xii)/(xxiv)

Section 2(xii)/(xxiv) of the Gift-tax Act, 1958 - Gift - Assessment year 1964-65 - Whether act of assessee of throwing self acquired property into common stock of his Hindu Undivided Family cannot be considered as gift - Held, yes FACTS The assessee had thrown into the common stock of his HUF his National Defence Bonds of the value of rupees one lakh which was his self-acquired property. His family consisted of himself, his two sons and his wife. The question was whether the act of the assessee could be considered as a 'gift', as defined in the Act. On reference : HELD In view of decision in Goli Eswariah v. CGT [1970] 76 ITR 675 (SC), it was to be held that the provisions of the Act were not attracted in respect of the amount thrown into the hotch pot of the assessee's joint family by the assessee. Note : The case was decided in favour of the assessee. CASE REFERRED TO Goli Eswariah v. CGT [1970] 76 ITR 675 (SC). JUDGMENT Hegde, J.-This is a reference made by the Income-tax Appellate Tribunal, Bombay Bench "C", under section 26(3A) of the Gift-tax Act, 1958. The question referred for the opinion of this court is : "Whether, on the facts and in the circumstances of the case, the provisions of the Gift-tax Act are attracted in respect of the…

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