https://www.taxtmi.com/caselaws?id=8999 Gifts of buses operating on specified routes can include the associated route rights and permits where the deed grants the donee absolute enjoyment, operation rights and route income, and transfer approval is obtained from the transport authority. Those route rights constitute property liable to gift-tax. Valuation may be made on a composite basis because the buses' practical value depends on their earning capacity on the permitted routes, rather than their written-down value alone. In the absence of evidence supporting a lower capitalised value, the composite valuation of buses and route rights is sustained. en-us Wed, 06 Dec 1972 00:00:00 +0530 Thu, 18 Jun 2009 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8999 Gifts of buses operating on specified routes can include the associated route rights and permits where the deed grants the donee absolute enjoyment, operation rights and route income, and transfer approval is obtained from the transport authority. Those route rights constitute property liable to gift-tax. Valuation may be made on a composite basis because the buses' practical value depends on their earning capacity on the permitted routes, rather than their written-down value alone. In the absence of evidence supporting a lower capitalised value, the composite valuation of buses and route rights is sustained. Case-Laws Income Tax Wed, 06 Dec 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8999