2011 (8) TMI 847

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..... genuine and bona fide, the additions made in the proceedings under the Gift Tax Act on the footing that the transaction was a colourable device cannot be accepted - Decided in favor of the assessee - Gift Tax Appeal No. 2929 of 2009 - - - Dated:- 18-8-2011 - J.P. Devadhar, K.K. Tated, JJ. P.S. Cardozo for the Appellant Atul K, Jasani for the Respondent JUDGEMENT 1. Wheth .....

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..... e and Rs.54 lakhs to her son for vacating their tenanted premises. 4. The assessing officer was of the opinion that the transaction was a colourable device to evade capital gains tax and also to gift Rs.54 lakhs to her son Shri Murlidhar S. Bajaj without attracting the provisions of the Gift Tax Act. 5. On appeal filed by the assessee, the Commissioner of Income Tax (Appeals) upheld the or .....

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..... on mere suspicion that there was deemed gift cannot be sustained. The Tribunal has held that the sale transaction was at arm's length. There is nothing on record to suggest that the above findings recorded in the incometax proceedings have been reversed or varied. 8. Once in the income-tax proceedings, it is accepted that the transactions are genuine and bona fide, the additions made in the pr .....

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