2008 (2) TMI 818

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....s challenging the same by filing this appeal under section 27 of the Gift-tax Act, 1958, read with section 27A of the Wealth-tax Act, 1957 (hereinafter shall be referred to in short as " the Act" ), on variety of grounds. Facts, in short, are mentioned herein below: "One Sannappa was the owner of the properties bearing Nos. 3 and 4 situated at New Santhepet, Mysore. He bequeathed the aforesaid properties to his daughter, respondent-assessee by executing a registered will in her favour on June 2, 1966. After the death of Sannappa, the assessee having become the absolute owner of the said properties, executed a sale deed thereof in favour of the third party for a sum of Rs. 80,000. Out of the aforesaid sale consideration so received by ....

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.... property had also given their no objections in favour of Smt. S. Vanajakshi, daughter of the assessee. Thus, S. Vanajakshi became absolute owner of the property situated at No. 646, Chamaraja, Double Road, Mysore. The Assessing Officer was of the opinion that half share of the assessee' s house property bearing No. 646, Chamaraja, Double Road, Mysore, transferred on the strength of the compromise decree would amount to gift. As the assessee had admittedly not paid any gift-tax, the Assessing Officer issued notice to the assessee calling upon her to file gift-tax return for the assessment year 1997-98. In response to the same, the assessee filed a return of gift stating therein that she has not made any gift, taxable under the Gift-tax A....