https://www.taxtmi.com/caselaws?id=22343 The High Court overturned the Tribunal's decision to value a rubber estate at Rs. 1,500 per acre for gift tax purposes, deeming it arbitrary and lacking factual basis. The Court criticized the Tribunal's approach as based on conjectures rather than concrete evidence, directing a reassessment by the Appellate Tribunal to ensure compliance with the law. The judgment underscores the significance of factual evidence and reasoned valuation in gift tax assessments to avoid arbitrary determinations. en-us Wed, 27 Feb 1991 00:00:00 +0530 Wed, 09 Dec 2009 13:49:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22343 The High Court overturned the Tribunal's decision to value a rubber estate at Rs. 1,500 per acre for gift tax purposes, deeming it arbitrary and lacking factual basis. The Court criticized the Tribunal's approach as based on conjectures rather than concrete evidence, directing a reassessment by the Appellate Tribunal to ensure compliance with the law. The judgment underscores the significance of factual evidence and reasoned valuation in gift tax assessments to avoid arbitrary determinations. Case-Laws Income Tax Wed, 27 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22343