Gift-tax valuation turned on factual appreciation of transfer restrictions, leaving no referable question of law.

Valuation of gifted property under section 4 of the Gift-tax Act was treated as a factual exercise rather than a question of law where the Tribunal assessed the land value by considering the ten-year transfer restriction in the lease deed and the resulting prohibition on sale. On those facts, the High Court held that the Tribunal's adoption of the assessee's valuation was based on factual appreciation and did not give rise to any referable question of law.

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Issues: Whether the valuation of the gifted property under section 4 of the Gift-tax Act was a question of law or a question of fact.

Analysis: The dispute concerned the value of a plot of land gifted to the assessee's grandson. The Tribunal preferred the value paid by the assessee, taking into account the restriction on transfer for the first ten years under the lease deed and the resulting prohibition on sale. The court held that the determination of the value of the gift on these facts was essentially one of factual appreciation and did not raise a question of law.

Conclusion: The valuation adopted by the Tribunal was a finding of fact, and no referable question of law arose.

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