https://www.taxtmi.com/caselaws?id=69870 Gift-tax is chargeable only when the transfer constituting the gift is completed in the relevant previous year. Where an exchange transaction was treated as a deemed gift, the decisive event was registration of the deed, not its earlier execution. Because registration was completed after the close of the previous year ending 31 March 1982, the transfer did not become taxable in assessment year 1982-83. The argument that execution date or relation-back principles should fix taxability was rejected for gift-tax purposes, since the taxable event arose only on completion of the transfer. en-us Fri, 20 Jan 1989 00:00:00 +0530 Tue, 12 Apr 2011 15:06:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69870 Gift-tax is chargeable only when the transfer constituting the gift is completed in the relevant previous year. Where an exchange transaction was treated as a deemed gift, the decisive event was registration of the deed, not its earlier execution. Because registration was completed after the close of the previous year ending 31 March 1982, the transfer did not become taxable in assessment year 1982-83. The argument that execution date or relation-back principles should fix taxability was rejected for gift-tax purposes, since the taxable event arose only on completion of the transfer. Case-Laws Income Tax Fri, 20 Jan 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69870