1997 (1) TMI 143

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... Both these appeals are, therefore, heard together and disposed of by this common order for the sake of convenience. These appeals are preferred by the revenue against the order passed by the CIT (Appeals) on the ground that the CIT(A) has erred in holding that while valuing the shares rule 1D is applicable and that taxation should be reduced by the amount of advance tax paid and that the CIT(A) ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e learned Departmental Representative strongly objected to the decision of the CWT (Appeals) on this issue and submits that HUF assets can be gifted to either a member of the HUF or coparcener of the HUF and not to a third party. If any asset is gifted to a third party, it is void. In this connection, it is also submitted that when an asset is gifted, the intention of the donor is required to be l....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....(1)(a) applies to individual and not to the HUF. The assessee being a HUF, these provisions would not be applicable and, hence, the action of the CWT (Appeals) in allowing the appeal is reasonable and justified. 5. We have heard the rival submissions and examined the documents on record. We are of the opinion that the gift of assets of a HUF to the member of the HUF and coparcener of the HUF as....