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G.E.VEERABHADRAPPA, A.KALYANASUNDHARAM, P.S.KALSIAN, P.MOHANARAJAN, K.S.S.PRASAD RAO
Gift-tax Officer – Appellant
Versus
Dr. V. Srinivasan – Respondent
Per P.S. Kalsian, Accountant Member - The appeal is directed by the Revenue against the order of the CIT (Appeals) dated 16-7-1993.
2. The assessee is an owner of a plot of land measuring 4,012 sq. feet in Trichy. The assessee transferred his land to Ayyappa Family Trust in which the assessee’s two children alone are beneficiaries. The assessee executed an agreement dated 13-4-1981, for sale of the said plot for Rs. 55,000. The agreement dated 13-4-1981 was not registered. By a resolution dated 31-3-1984, Ayyappa Family Trust resolved that the machinery and furniture belonging to the trust shall be delivered by the trust at book value to the assessee and is to be adjusted against the sale consideration being the value of the plot. It was claimed by the assessee before the Assessing Officer that the sale consideration has been received on 31-3-1984 itself by book adjustment. No gift was involved in the transaction dated 22-11-1989 when the actual sale deed was registered in the trust. For the reasons mentioned by the Assessing Officer in the assessment order, he did not agree with the claim of the assessee.
According to the Assessing Officer, the ownership title in the land passe
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