1983 (12) TMI 138 - AT - Income Tax

Summary

The appeal by the Revenue against the order of the AAC cancelling the gift-tax assessment was dismissed by the Appellate Tribunal ITAT MADRAS-C. The AAC found that the assessee released his 1/4th share in an indivisible residential house for Rs. 25,000, which was not inadequate considering the nature of the property. The revenue failed to prove any understatement or malafide intent in the transaction. The Tribunal confirmed the AAC's decision, stating there was no deemed gift under s. 4(1)(a).