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TMI Blog1980 (3) TMI 166X X X X Extracts X X X X X X X X Extracts X X X X ..... e Gift tax Act, 1958. 2. The assessee, Shri Subbe Gounder, had about 50 acres of land on partition between himself and his two sons. His family consists of himself, wife two sons and only daughter. After the partition the assessee was the sole surviving coparcener in respect of the assets allotted to him. He made a gift of about 20 acres of land to his married daughter Smt. Valli Ammal by two st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh Court in the case of Nattusami another vs. CIT(1). It was also stated that the valuation was much less and that the valuation in the settlement deeds was on the insistence of the registering authorities, who were unlikely to register the same if the real value, which was much less, had been declared. The AAC found no merit on both these grounds. He found that the decision cited was not applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as family property which the assessee had no right to dispose. It is also claimed that the case before the Subordinate Judge, Coimbatore, made the settlement deeds questionable even on other grounds. The valuation was also questioned. It was stated that in the civil suit No. 709 of 1970 the value was only Rs. 40,000and that should be considered more binding than the value declared in the settlemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no dispute whatsoever that he had absolute disposing capacity and the document is a vaid one. The fact that the assessee got the donation to his daughter converted into a settlement not only to his daughter but also to his grand children through her by filing a suit in O.S. No. 709 of 1970 does not take away the effect of the gift deeds, whether that suit was collusive as presumed by the AAC or no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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