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1989 (1) TMI 49

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..... onsideration and assessed it to gift-tax, determining the value of the gift at Rs. 2,77,200. The plea of the assessee (respondent) that the shares were purchased on behalf of the persons to whom the shares were transferred and the shares were transferred in their names when the latter obtained funds and recouped the assessee and so there was no element of gift was rejected. The assessment order was confirmed in appeal by the Commissioner of Gift-tax (Appeals). In second appeal, the Appellate Tribunal held that the shares were purchased by the assessee at the request of the relatives and were held in his name till the amount was repaid to the assessee by his near relations-father, mother and brother. They were only sundry debtors till the am .....

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..... ng section 4(1)(a) or section 4(1)(b) or for that matter even section 4(1) will not apply ? (3) Whether, on the facts and in the circumstances of the case, was the Tribunal right in holding that since the assessee had shown in his wealth-tax return for the assessment year 1977-78, the shares in question as his own shares, it cannot be held as a militating factor against the assessee and it is only a misconception of law? (4) Whether, on the facts and in the circumstances of the case, was the Tribunal right in holding that the assessee advanced money to his relations at their request and purchased the shares in question and held the shares in his name till the amount was repaid to the assessee and the assessee's father, mother and brothe .....

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..... ture, not based on any material. It was further submitted that the Appellate Tribunal had no material before it to hold that the assessee was only a benamidar between the date of purchase and the date of transfer of the shares and the assessee is only an apparent owner of the shares, but the real owners of the shares were the assessee's father, mother and brother. The complaint by counsel for the Revenue was that the Appellate Tribunal simply accepted the submissions made by the assessee and the findings are not based on any material. On the other hand, counsel for the assessee read before us the order of the Tribunal and sought to support the conclusion of the Tribunal. On hearing the rival contentions of the parties, we are of the view, .....

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