https://www.taxtmi.com/caselaws?id=6870 Parliament's residuary legislative power under Article 248 and Entry 97 of List I extends to a tax on gifts of land and buildings, because a gift-tax is distinct from a tax on the land or buildings themselves; the constitutional challenge to the Gift-tax Act, 1958 therefore failed. Under section 4(c), however, a release, surrender or abandonment can be treated as a deemed gift only if the Gift-tax Officer is not satisfied that the transaction was bona fide. In the absence of a recorded finding on that statutory satisfaction, the assessment based on the transaction could not be sustained and required reconsideration on remand. en-us Mon, 13 Dec 1965 00:00:00 +0530 Fri, 06 Feb 2009 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6870 Parliament's residuary legislative power under Article 248 and Entry 97 of List I extends to a tax on gifts of land and buildings, because a gift-tax is distinct from a tax on the land or buildings themselves; the constitutional challenge to the Gift-tax Act, 1958 therefore failed. Under section 4(c), however, a release, surrender or abandonment can be treated as a deemed gift only if the Gift-tax Officer is not satisfied that the transaction was bona fide. In the absence of a recorded finding on that statutory satisfaction, the assessment based on the transaction could not be sustained and required reconsideration on remand. Case-Laws Income Tax Mon, 13 Dec 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6870