https://www.taxtmi.com/caselaws?id=23749 A reference under the Gift-tax Act was sought on whether the difference between book value and fair market value of transferred assets could be taxed as a gift. The Tribunal had refused to state a case on the proposed question of law, and the High Court found no basis to disturb that refusal. The applicant was therefore not entitled to have the Tribunal called upon to make the reference, and the request was rejected. en-us Tue, 07 Oct 1986 00:00:00 +0530 Fri, 25 Dec 2009 17:13:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23749 A reference under the Gift-tax Act was sought on whether the difference between book value and fair market value of transferred assets could be taxed as a gift. The Tribunal had refused to state a case on the proposed question of law, and the High Court found no basis to disturb that refusal. The applicant was therefore not entitled to have the Tribunal called upon to make the reference, and the request was rejected. Case-Laws Income Tax Tue, 07 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23749