TaxTMI 
TaxTMI 
1973 (8) TMI 44
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...., on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that the writing off by the assessee in his books of account of a sum of Rs. 2,50,829.73 due from his brother does not amount to a gift liable to be assessed under section 4(c) of the Gift-tax Act, 1958 ?" As is evident from the question the matter arises under the Gift-tax Act, 19....
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....has not been found to the satisfaction of the Gift-tax Officer to have been bona fide, shall be deemed to be a gift made by the person responsible for the release, discharge, surrender, forfeiture or abandonment." It was urged that there was abandonment of the debt. In order that there may be an "abandonment", it is perhaps unnecessary that there should be a bilateral act. Assuming that this is....
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....ied totally denying liability. Without any protest the assessee accepted the position and wrote off the debt on the 31st March, 1968, in his account. Then for income-tax purposes he claimed the amount as a bad debt. He was no doubt worsted. He did not appeal from the decision of the Income-tax Officer. The Income-tax Officer had issued notice to the brother and in his reply the brother admitted th....
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....)(d) of the Gift-tax Act, 1958. That clause dealt with "any transaction entered into by any person with intent thereby to diminish directly or indirectly the value of his own property and to increase the value of the property of any other person". It was while interpreting this provision that the Supreme Court said that the transaction must be a bilateral one in order to fall under section 2(xxiv)....