https://www.taxtmi.com/caselaws?id=62169 Gift-tax valuation of a rubber estate may be recomputed by applying CBDT Circular No. 326 on market value, since valuation guidelines for determining market value are not excluded merely because the assessment is under the Gift-tax Act. Where no working is produced to support the returned value under the circular, recomputation by the Gift-tax Officer is appropriate. A claim for exemption under section 5(1)(viii) must be strictly proved by showing that the alleged gift was in fact made to the spouse concerned; absent such proof, the exemption is not available. en-us Thu, 20 May 1982 00:00:00 +0530 Tue, 18 Jan 2011 13:46:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62169 Gift-tax valuation of a rubber estate may be recomputed by applying CBDT Circular No. 326 on market value, since valuation guidelines for determining market value are not excluded merely because the assessment is under the Gift-tax Act. Where no working is produced to support the returned value under the circular, recomputation by the Gift-tax Officer is appropriate. A claim for exemption under section 5(1)(viii) must be strictly proved by showing that the alleged gift was in fact made to the spouse concerned; absent such proof, the exemption is not available. Case-Laws Income Tax Thu, 20 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62169