https://www.taxtmi.com/caselaws?id=10856 The text explains that, for Gift-tax Act purposes, a settlement deed may be treated as a gift where it represents a voluntary transfer of existing property without consideration and confers absolute ownership on the donees. It notes that the statutory definition under section 2(xii) is broader than questions of validity under personal law, so the tax character depends on the substance of the transfer. It also states that where assessment depends on valuation, the assessee must be given an opportunity to object to the valuation report and be heard before finalisation, with the valuation aspect then reconsidered accordingly. en-us Wed, 21 Jan 2004 00:00:00 +0530 Fri, 24 Jun 2022 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10856 The text explains that, for Gift-tax Act purposes, a settlement deed may be treated as a gift where it represents a voluntary transfer of existing property without consideration and confers absolute ownership on the donees. It notes that the statutory definition under section 2(xii) is broader than questions of validity under personal law, so the tax character depends on the substance of the transfer. It also states that where assessment depends on valuation, the assessee must be given an opportunity to object to the valuation report and be heard before finalisation, with the valuation aspect then reconsidered accordingly. Case-Laws Income Tax Wed, 21 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10856