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of <h1>Clarification Issued on Simultaneous Application of Section 52 Income Tax Act and Section 4(1) Gift Tax Act.</h1> The circular addresses the simultaneous application of Section 52 of the Income Tax Act and Section 4(1) of the Gift Tax Act concerning transactions where assets are transferred for less than adequate consideration. It highlights differing judicial opinions, with the Delhi High Court ruling against simultaneous application, while the Punjab and Haryana High Court supports it. Other High Courts, including Kerala, Andhra Pradesh, and Calcutta, endorse simultaneous invocation. The board clarifies that both provisions can be applied together if conditions are met, except where a contrary High Court decision exists. This instruction is to be followed in applicable cases.
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