1978 (8) TMI 36

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..... gift-tax is leviable in the present case ? " The assessee is a HUF and the relevant assessment year is 1971-72. The assessee-HUF had 78 acres of agricultural land and the same was assessed as part of its wealth for the assessment year 1970-71. During the year in question Ram Kishan, the karta, executed six different documents called deeds of gifts in favour of each of his five sons and one wido .....

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..... as one of family settlement. In that view, the transfers could not validly be treated as deeds of gifts. In this view, it is not necessary to decide on the alternative plea that the karta of a HUF cannot gift his immovable property to his family members. In the result, we answer the question in the affirmative, in favour of the assessee and against the department. The assessee is entitled to cos .....

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