https://www.taxtmi.com/caselaws?id=8999 Where buses are gifted together with the right to operate them on specified routes, the route rights and permits can form part of the transferred property if the gift deed and subsequent regulatory permission support that transfer. The note explains that permits under the Motor Vehicles Act are not absolutely inalienable; transfer may be regularised with transport authority approval, and the donee's actual use of the buses and enjoyment of route income are relevant. It also states that valuation may properly be made on a composite earning-capacity basis, because buses without route rights have limited standalone value. The practical worth of the gift, rather than written down vehicle value alone, is the relevant basis. 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 Where buses are gifted together with the right to operate them on specified routes, the route rights and permits can form part of the transferred property if the gift deed and subsequent regulatory permission support that transfer. The note explains that permits under the Motor Vehicles Act are not absolutely inalienable; transfer may be regularised with transport authority approval, and the donee's actual use of the buses and enjoyment of route income are relevant. It also states that valuation may properly be made on a composite earning-capacity basis, because buses without route rights have limited standalone value. The practical worth of the gift, rather than written down vehicle value alone, is the relevant basis. Case-Laws Income Tax Wed, 06 Dec 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8999