https://www.taxtmi.com/caselaws?id=58870 Failure to make necessary enquiry into the valuation of gifted property can render an assessment erroneous and prejudicial to the revenue, justifying revision under section 24(2) of the Gift-tax Act, 1958. Here, the assessment accepted the assessee's old investment cost as market value without adequate investigation despite the time gap and possible appreciation, so revisional jurisdiction was properly invoked for fresh enquiry. Non-supply of the valuation report did not vitiate the revisional order because it was not used to make an immediate enhancement, and the assessee was to be heard in the de novo proceedings. The revisional order was sustained. en-us Thu, 28 May 1987 00:00:00 +0530 Wed, 22 Dec 2010 15:44:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58870 Failure to make necessary enquiry into the valuation of gifted property can render an assessment erroneous and prejudicial to the revenue, justifying revision under section 24(2) of the Gift-tax Act, 1958. Here, the assessment accepted the assessee's old investment cost as market value without adequate investigation despite the time gap and possible appreciation, so revisional jurisdiction was properly invoked for fresh enquiry. Non-supply of the valuation report did not vitiate the revisional order because it was not used to make an immediate enhancement, and the assessee was to be heard in the de novo proceedings. The revisional order was sustained. Case-Laws Income Tax Thu, 28 May 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58870