T.V.RAJAGOPALA RAO, R.RANGAYYA
Sri Nidumukula Sri Rama Murthy – Appellant
Versus
Gift-tax Officer – Respondent
Advocates Appeared:
Smt. Prabha Jain, M.J. Swamy,V. Siva Kumar
ORDER
R. RANGAYYA, ACCOUNTANT MEMBER: This is an appeal filed by the assessee against the order of the Commissioner (Appeals) for the assessment year 1981-82. During the course of accounting year relevant to the assessment year under consideration, the assessee made gifts of Rs. 1.50 lakhs (Rs. 67,000 and Rs. 83,000 respectively to his two grandsons, K.G.S. Guruvaiah Gupta and K.S.S. Sobhanachala Gupta) on 28th April 1980. While filing his return for the year under consideration on 8th July 1981, the assessee admitted the above gift of Rs. 1.50 lakhs in the return and also paid gift-tax in advance under section 18 of the Gift-tax Act. In addition to the above amount, the assessee also made a gift of Rs. 1 lakh to his major adopted son on 19th May 1980, which is subject-matter of a separate appeal by the Revenue before us and which is disposed of separately. In the present appeal, we are concerned with the gift of Rs. 1,50 lakhs only. After filing the return on 8th July 1981 in the manner mentioned above, the assessee filed another revised return on 24th March 1986 claiming that no gift-tax is liable to be paid on the above amount of Rs. 1.50 lakhs in view of the Supreme Court's deci
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