https://www.taxtmi.com/caselaws?id=25190 Mutual transfers of immovable property executed on the same day may constitute an exchange under section 118 of the Transfer of Property Act, 1882 where the documents form part of one arrangement and show reciprocal conveyances. The court looked to the real substance of the transaction rather than the labels used by the parties, and held that a single document is not required for an exchange. The fact that the properties were of different values did not defeat the character of the arrangement as an exchange. On that basis, the transaction was not treated as a gift taxable under the Gift-tax Act, 1958, and the Tribunal's view was supported by the record. en-us Tue, 16 Feb 1988 00:00:00 +0530 Wed, 27 Jan 2010 11:07:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25190 Mutual transfers of immovable property executed on the same day may constitute an exchange under section 118 of the Transfer of Property Act, 1882 where the documents form part of one arrangement and show reciprocal conveyances. The court looked to the real substance of the transaction rather than the labels used by the parties, and held that a single document is not required for an exchange. The fact that the properties were of different values did not defeat the character of the arrangement as an exchange. On that basis, the transaction was not treated as a gift taxable under the Gift-tax Act, 1958, and the Tribunal's view was supported by the record. Case-Laws Income Tax Tue, 16 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25190