https://www.taxtmi.com/caselaws?id=69986 A transfer of jewellery made irrevocable for seventy-four months was treated as a taxable gift because the donor had completely divested ownership during that period and had no right of revocation. A transfer that is not revocable at the donor's mere will, but only after a specified period, falls within the statutory scheme for gifts not revocable for a specified period, even if the Act does not separately define "irrevocable transfer." The value of such a gift had to be computed under the prescribed valuation rule, and any objection based on the absence of income during the relevant period was to be considered by the assessing authority in the first instance. en-us Sat, 30 Dec 1989 00:00:00 +0530 Wed, 13 Apr 2011 12:19:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69986 A transfer of jewellery made irrevocable for seventy-four months was treated as a taxable gift because the donor had completely divested ownership during that period and had no right of revocation. A transfer that is not revocable at the donor's mere will, but only after a specified period, falls within the statutory scheme for gifts not revocable for a specified period, even if the Act does not separately define "irrevocable transfer." The value of such a gift had to be computed under the prescribed valuation rule, and any objection based on the absence of income during the relevant period was to be considered by the assessing authority in the first instance. Case-Laws Income Tax Sat, 30 Dec 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69986