9911796707
TMI Blog1998 (9) TMI 108X X X X Extracts X X X X X X X X Extracts X X X X ..... unil Siddharthbhai payable at Bank of India, Srinagar as under: Date Particulars Amount (Rs.) 20-5-1983 5 Drafts of Rs. 6 lakhs 30 lakhs 21-5-1983 1 Draft of Rs. 2 lakhs 2 lakhs . . 32 lakhs The assessee opened an account in his name on 23rd May, 1983, with Bank of India, Srinagar Branch and the assessee was introduced to the Srinagar Branch by Shrenikbhai and the manager of Bank of India, Ahmedabad. 22 accounts of ABC Trust Nos. 201 to 222 were also opened by its trustees Vimlaben and Taral on 23rd May, 1983, with Bank of India, Srinagar Branch. Gift was made by the assessee on 24th May, 1983 as under: Name of the Trust Amount (Rs.) Nos. 201 to 210 1,46,000 each Nos. 211 to 222 1,45,000 each Separate cheques were draw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5(1)(ii)(a) of the GT Act was denied by the said order, dt. 6th Feb., 1990. Aggrieved by this, the assessee went in appeal before the CGT(A) who allowed the claim of the assessee for the detailed reasons set forth in his lengthy order. Aggrieved, the Department has brought the issue before us on second appeal. 4. The learned Departmental Representative, P.N. Dixit contended that the entire affair was a stage-managed one and it was made to believe that the movable property was situated in Jammu and Kashmir. According to him, the movable property was not actually situated in Jammu and Kashmir and hence the ratio of the Hon'ble Supreme Court decision in the case of McDowell & Co. Ltd. vs. CTO (1985) 47 CTR (SC) 126 would be squarely applicab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffected at arm's length in the sense that separate accounts were opened for different entities at Srinagar and the gift was made and received by cheques at Srinagar. Even if the theory of substance having preference over the form of the transaction is considered, then also, in our opinion, the substance is that the transactions were between the assessee and different trusts effected through bank accounts by issue of cheques from bank account situated at Srinagar. We are of the opinion that there is force in the assessee's contention that if certain things are allowed as per the provisions of the Act why the assessee should not avail of the same. In similar circumstances, the Ahmedabad Bench-B of the Tribunal in the case of Dipak K. Sheth vs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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