https://www.taxtmi.com/caselaws?id=19059 The High Court of GAUHATI considered a reference under the Income-tax Act regarding a deed of release transferring property from a Hindu undivided family to an assessee-company. The Court found that the release deed was a means of tax evasion and lacked lawful authority. Emphasizing principles to prevent tax evasion, the Court determined that the deed did not clearly indicate valuable consideration and did not operate as a conveyance. Consequently, the Court ruled in favor of the Revenue, indicating that the deed was not lawful for tax purposes. The judgment will be forwarded to the Appellate Tribunal for necessary action. en-us Fri, 19 Nov 1993 00:00:00 +0530 Tue, 03 Nov 2009 16:51:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19059 The High Court of GAUHATI considered a reference under the Income-tax Act regarding a deed of release transferring property from a Hindu undivided family to an assessee-company. The Court found that the release deed was a means of tax evasion and lacked lawful authority. Emphasizing principles to prevent tax evasion, the Court determined that the deed did not clearly indicate valuable consideration and did not operate as a conveyance. Consequently, the Court ruled in favor of the Revenue, indicating that the deed was not lawful for tax purposes. The judgment will be forwarded to the Appellate Tribunal for necessary action. Case-Laws Income Tax Fri, 19 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19059