COMMR. OF INCOME TAX, JAIPUR vs SRIEHMAL NAWALAKHA

The Supreme Court held that a valid gift of immovable property under Section 123 of the Transfer of Property Act requires a registered instrument, while the definition of 'gift' under the Gift Tax Act is broader and does not necessitate registration. The Court affirmed the High Court's ruling that the Tribunal was incorrect in denying the validity of the gift made by the respondent to his wife, as the transaction could still qualify as a gift under the Gift Tax Act, specifically referencing Section 4. The outcome favored the respondent, validating the gift despite the lack of registration.