TaxTMI 
TaxTMI 
1971 (12) TMI 7
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....ax under section 5(1)(xii) of the Gift-tax Act ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in relying on the clarification deed dated August 23, 1966 ?" The previous year for the assessment year 1964-65 was the period that ended on March 31, 1964. On March 25, 1964, the assessee, one Dr. C. J. Antony, made a gift of a property situate in the town of Ernakulam having an extent of 19 cents with a building thereon in favour of his son who was at that time studying in the Loyola College, Madras. The property was valued at Rs. 20,000 in the gift deed. The Gift-tax Officer valued the gift at Rs. 1,05,200 after allowing the statutory exemption of Rs. 5,000. In the assessment for the year 1964-65, the a....
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....ional needs of his son as well and this contention found acceptance with the Tribunal. We may usefully read paragraph 5 of the Tribunal's order in this regard : "After having heard both the sides and after going through the deed of gift and the clarification document, we are of the opinion that the gift was executed by the late Dr. Antony to his son who was then a student for his expenses. In the context in which the word 'kalakshepam' has been used and when applied to a person who is a student, we feel that it will take in both the general needs and also the educational expenses required for the maintenance of the student. It cannot be considered on a fair construction of the document that the educational needs of his son would have been ....
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....pose of the business", the exemption under section 5(1)(xiv) of the Gift-tax Act was not granted. This is not a case where there is such dearth of material. The document has used the word "kalakshepam" which definitely and undisputedly indicated the purpose of the gift. The donor at that time was advanced in age. His son was studying in an important college in the city of Madras. The word has been understood by the Tribunal as including not only the general needs of the son but also his educational needs. We are not prepared to say that the meaning attributed to the word in the context in which it was used in the document and in the circumstances in which the document was executed is wrong and we have not been shown any decisive meaning of....