https://www.taxtmi.com/caselaws?id=37771 Acceptance of a higher valuation of gifted property did not, on the recorded facts, amount to an express abandonment of the exemption claim under section 5(1)(xii) of the Gift-tax Act, 1958. The assessment order noted agreement on valuation only, and the relied-upon letter contained no clear statement that the exemption claim was being given up. On that basis, a question of law arose as to whether the Tribunal was correct in treating the claim as abandoned. The Tribunal was therefore not justified in refusing reference, and the proposed question was directed to be referred to the High Court. en-us Thu, 19 Oct 1978 00:00:00 +0530 Thu, 01 Apr 2010 10:26:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37771 Acceptance of a higher valuation of gifted property did not, on the recorded facts, amount to an express abandonment of the exemption claim under section 5(1)(xii) of the Gift-tax Act, 1958. The assessment order noted agreement on valuation only, and the relied-upon letter contained no clear statement that the exemption claim was being given up. On that basis, a question of law arose as to whether the Tribunal was correct in treating the claim as abandoned. The Tribunal was therefore not justified in refusing reference, and the proposed question was directed to be referred to the High Court. Case-Laws Income Tax Thu, 19 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37771