https://www.taxtmi.com/caselaws?id=70289 A transfer deed that completely divested the donor for 74 months, with revocation allowed only after that period and within a limited further time, was treated as a gift revocable after a specified period and therefore chargeable to gift-tax under section 6(2) of the Gift-tax Act. Section 126 of the Transfer of Property Act was considered inapplicable to the taxability question under the Gift-tax Act. Because the earlier valuation was not made under the correct statutory framework, the computation of value was left for fresh determination by the assessing authority under section 6(2) and rule 11. en-us Thu, 30 Nov 1989 00:00:00 +0530 Fri, 15 Apr 2011 12:30:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70289 A transfer deed that completely divested the donor for 74 months, with revocation allowed only after that period and within a limited further time, was treated as a gift revocable after a specified period and therefore chargeable to gift-tax under section 6(2) of the Gift-tax Act. Section 126 of the Transfer of Property Act was considered inapplicable to the taxability question under the Gift-tax Act. Because the earlier valuation was not made under the correct statutory framework, the computation of value was left for fresh determination by the assessing authority under section 6(2) and rule 11. Case-Laws Income Tax Thu, 30 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70289