https://www.taxtmi.com/caselaws?id=16344 The inserted Explanation to section 24(2) of the Gift-tax Act, 1958 was treated as retrospective and as defining "record" to include all material relating to the proceedings available when the Commissioner exercises revisional jurisdiction. On that construction, the Commissioner may examine subsequent valuation material if it forms part of the record at the time of revision. The High Court noted that the Tribunal had not considered the matter with the benefit of this Explanation and directed reconsideration of the revision issue afresh in light of the expanded meaning of "record" and the parties' contentions. en-us Mon, 22 Dec 1997 00:00:00 +0530 Mon, 07 Sep 2009 11:32:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16344 The inserted Explanation to section 24(2) of the Gift-tax Act, 1958 was treated as retrospective and as defining "record" to include all material relating to the proceedings available when the Commissioner exercises revisional jurisdiction. On that construction, the Commissioner may examine subsequent valuation material if it forms part of the record at the time of revision. The High Court noted that the Tribunal had not considered the matter with the benefit of this Explanation and directed reconsideration of the revision issue afresh in light of the expanded meaning of "record" and the parties' contentions. Case-Laws Income Tax Mon, 22 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16344