Simultaneous invocation of Sec 52 of IT Act and Sec 4(1) of Gift Tax Act.

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..... ovisions of sec.52 of the I.T.Act are invoked. 2. A doubt has been raised in view of the different high court judgements whether provisions of sec.4(1) of the G.T.Act and provisions of sec.52 of the I.T.Act can be invoked simultaneously in respect of the same transaction. 3. The Delhi High court in the case of Shiv Shankar Lal vs. CIT Delhi has held that the word gift appearing in sec.47(iii) of .....

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..... f C.I.T. vs. S.N. Mehrotra (122 ITR 313)support the view that the provisions of sec.4 of the G.T.Act and section 52 of the I.T.Act can be invoked simultaneously in respect of the same transaction. 4. The board would like to clarify that in a case in which the asset is transferred for less than adequate consideration provisions of sec.52 of the I.T Act and sec.4(1) of the G.T.Act can be invoked si .....

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