Supreme Court · 2001 INSC 508 · Decided 16 October 2001
M/S. Khoday Eswarsa and Sons v. The Commissioner of Gift Tax
- Court
- Supreme Court of India
- Citation
- 2001 INSC 508 · [2001] SUPP. 4 S.C.R. 178
- Case number
- CIVIL APPEAL No. 2751/1998
- Decided
- 16 October 2001
- Bench
- S.P. BHARUCHA, Y.K. SABHARWAL, BRIJESH KUMAR (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
Headnote
c D E F G H Gift Tax Act, 1958 : Section 6(2). Gift Tax-AY 1970-71-G(fted property-Revocability of-Capitalized value-Assessee granted licence to a private company for five years subject to its termination with six months' notice-Gift Tax Officer treated it as a gift and levied g~ft tax-Validity fact-It is immaterial whether it was, in fact, revoked or not-In the instant case, gift is revocable/terminable with six months' notice-It is not revocable for a specified period which is less than a year-Therefore, the capitalized value under R. JI (1) is 'nil'-Hence, no gift tax is
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