1983 (7) TMI 43 - HC - Income Tax

Summary

The petitioner challenged a notice issued by the Inspecting Assistant Commissioner of Income-tax under section 269D(1) of the Income Tax Act for acquiring property received as a gift. The High Court held that the property acquired by gift does not fall under the definition of "transfer" for the purposes of the Act, and therefore, the notice was without jurisdiction. The court quashed the notice and directed each party to bear their own costs.