https://www.taxtmi.com/caselaws?id=57691 An assessee's non-assertion of his half share in additional compensation did not amount to a deemed gift under section 4(c) of the Gift-tax Act, 1958, because he and his son were equal heirs and the compensation belonged to them in equal shares under the Hindu Succession Act, 1956. The surrounding material, including affidavits and the son's payment of tax liabilities on the assessee's behalf, showed that the amount was retained by the son to meet those liabilities rather than to transfer ownership. Mere omission to show the amount in the wealth-tax return was insufficient to prove a gift, and the Department's acceptance of revised returns for later years supported the conclusion that the assessee retained ownership. The assessment was cancelled. en-us Tue, 18 Sep 1979 00:00:00 +0530 Mon, 13 Dec 2010 10:03:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57691 An assessee's non-assertion of his half share in additional compensation did not amount to a deemed gift under section 4(c) of the Gift-tax Act, 1958, because he and his son were equal heirs and the compensation belonged to them in equal shares under the Hindu Succession Act, 1956. The surrounding material, including affidavits and the son's payment of tax liabilities on the assessee's behalf, showed that the amount was retained by the son to meet those liabilities rather than to transfer ownership. Mere omission to show the amount in the wealth-tax return was insufficient to prove a gift, and the Department's acceptance of revised returns for later years supported the conclusion that the assessee retained ownership. The assessment was cancelled. Case-Laws Income Tax Tue, 18 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57691