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    Input tax credit on QIP services allowed only for business debt repayment, not for investment in a subsidiary
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      Suit for declaration of title over property and recovery of...

      Gift deed transferring property ownership contested; donor revoked after transfer but had no right.

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      Indian LawsOctober 26, 2024Case LawsSC
      Suit for declaration of title over property and recovery of possession. Registered gift deed dated 05.03.1983 was duly executed, transferring absolute title to plaintiff, despite revocation on 17.08.1987 as donor had not reserved revocation right. Suit filed on 25.09.1991, not barred by limitation. For declaration of title, limitation is 3 years under Article 58. However, for recovery of possession based on title, limitation is 12 years from date of defendant's adverse possession under Article 65. Suit sought both reliefs, so 12-year limitation applied. No error by lower courts in decreeing suit. SC dismissed appeal.

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      ActsIncome Tax