https://www.taxtmi.com/caselaws?id=36763 Gift-tax on immovable property applied only if a completed gift arose in the relevant previous year, and a valid gift required compliance with section 123 of the Transfer of Property Act through a registered instrument duly signed and attested. Mere delivery of possession was insufficient to create a valid transfer. A compromise decree that was only declaratory of pre-existing rights did not itself create a taxable gift; if it created rights in immovable property, registration was still required and an unregistered compromise memo could not effect the transfer. On either view, the statutory requirements for a completed gift were not met, and the gift-tax assessment could not be sustained. en-us Mon, 16 Jul 1979 00:00:00 +0530 Wed, 24 Mar 2010 13:19:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36763 Gift-tax on immovable property applied only if a completed gift arose in the relevant previous year, and a valid gift required compliance with section 123 of the Transfer of Property Act through a registered instrument duly signed and attested. Mere delivery of possession was insufficient to create a valid transfer. A compromise decree that was only declaratory of pre-existing rights did not itself create a taxable gift; if it created rights in immovable property, registration was still required and an unregistered compromise memo could not effect the transfer. On either view, the statutory requirements for a completed gift were not met, and the gift-tax assessment could not be sustained. Case-Laws Income Tax Mon, 16 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36763