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TMI Blog1975 (10) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... had by the time of gift back got enhanced in value. That was a wrong impression created by or founded on mistaken facts. The assessee was also a contributory for that quandary. That erroneous impression about basis facts made them deflect and follow Smt. Sulekha Bai vs. CGT 92 ITR 128 (Ker), a Kerala High Court judgment, and a case which has absolutely no relation to the real facts of this case. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d equal profit sharing ratio. Each contributed Rs. 20,000 as capital. Additional capital is also to be contributed as and when required. The total investment of the donee-assessee in capital account, initial and additional, came to Rs. 30,000. This amount was gifted to her by her husband. The objet of the partnership was to construct a cinema theatre on the land purchased by that lady and run the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee then gifted all these land, building and cinema equipments to her husband. The husband had a charge on the land, building and machinery for the loan he had advanced. By the gift he lost that charge as the properties became his own. But that was only of inadequate consideration. So the excess of market value of the gifted property over the amount of loan was treated as deemed gift. That is the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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