9911796707
TMI Blog1978 (8) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... are that the GTO observed that in lieu of 1/4th share in property belonging to the younger brother of the assessee, Shri L.C. Khanna, the assessee allotted a Bigha of land to him within this year relevant for the assessment under consideration which amounts to more than the share of Shri L.C. Khanna. According to the GTO the value of the entire property as discussed in W.T. assessment of assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nded that the present transaction is of nature of exchange of one property for another and supported by consideration. In this view it may urged that the above transaction will not come within the main part of the definition of gift under s. 2(xii). But the latter part of the definition of gift includes a deemed gift under s. 4. It was further stated in the above explanation that s. 4(1)(a) applie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut the GTO, not convinced with the pleas put forth by the assessee, determined the value of the gift and taxed the same. 3. In appeal the AAC gave a relief of Rs. 7,452 and hence this appeal by the assessee before us. 4. Heard both the learned counsel for the assessee Shri N. Srinivasan and the learned departmental representative Shri Shiv Prasad. In our view there is substance in the appeal f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d dated 27th Oct., 1961 the assessee admitted that Shri L.C. Khanna had joint possession and ownership to the extent of 1/4th share in the entire property. The partition deed dated 18th Nov., 1974 which is the subject matter of dispute before us effected the division of the land viz. Agricultural land and two residential building and land appurtenant thereto by metes and bound after making some ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nna has to be seen we have observed that the arrangement between the two brothers cannot be said to be a malafide arrangement entered into with a view to diverting the Revenue by any stretch of imagination the facility given to the younger brother by the assessee could be said to be a gift. We agree with the learned counsel for the assessee Shri N. Srinivasan that it was a mutual arrangement by ex ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
