Revocable gifts under the Gift-tax Act remain tax-recognisable despite general law objections, with no referable question of law found.

Revocable gifts were treated as capable of tax recognition under the special scheme of the Gift-tax Act even though they may be void under the general law. The earlier view that bonus shares did not revert to the donor on revocation was applied, and the proposed additional issue concerning taxability of bonus shares or dividend income under section 6(2) was not entertained because it had not been raised earlier and did not arise from the Tribunal's order. No referable question of law was found on the grounds urged, so the reference petition was not maintainable.

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Issues: Whether revocable gifts are taxable and capable of recognition under the Gift-tax Act notwithstanding the general law; and whether any referable question of law arose from the Tribunal's order concerning bonus shares and revocation.

Analysis: Revocable gifts, though void under the general law, were treated as permissible for taxation purposes under the special scheme of the Gift-tax Act. The earlier view that bonus shares did not revert to the donor after revocation was also applied. The challenge sought to raise an additional point about tax liability on the value of bonus shares or dividend income under section 6(2), but that point had not been raised earlier and did not arise from the Tribunal's order.

Conclusion: No referable question of law arose, and the petition for reference was not maintainable on the grounds urged.

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