COMMISSIONER OF GIFT TAX Vs. THIRUVENKATA MUDALIAR C

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Madras Bench, under Section 26(1) of the Gift-tax Act, 1958 (Central Act 18 of 1958), at the instance of the Commissioner of Gift-tax, Madras-II, has referred the question for the opinion of this court :

(2.) FROM the very question extracted above, it is clear that the only point involved is the construction of the document dated July 1, 1963, executed by the assessee-respondent and his wife. Since what is involved is the construction of the document and the Tribunal has dealt with the matter in great detail after referring to the concept and connotation of a will and a gift found in several text books and also considering how particular documents have been construed by courts as a will or a gift, we consider it desirable to extract the entire document omitting the schedules only.

(3.) WE may now summarise the provisions contained in the document in relation to the disposition. Those provisions are: