https://www.taxtmi.com/caselaws?id=58871 Revisionary power under the Gift-tax Act was upheld where the assessment was erroneous and prejudicial to revenue because the Gift-tax Officer accepted the assessee's old investment figure without enquiring into fair market value on the date of gift. The Commissioner had set aside the assessment only for fresh enquiry, with an opportunity for the assessee to rebut the material, rather than enhancing the assessment on the valuation report. In that setting, prior supply of the valuation report was not required before the revisional order, and no breach of natural justice was found. The challenge to the revision therefore failed. 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=58871 Revisionary power under the Gift-tax Act was upheld where the assessment was erroneous and prejudicial to revenue because the Gift-tax Officer accepted the assessee's old investment figure without enquiring into fair market value on the date of gift. The Commissioner had set aside the assessment only for fresh enquiry, with an opportunity for the assessee to rebut the material, rather than enhancing the assessment on the valuation report. In that setting, prior supply of the valuation report was not required before the revisional order, and no breach of natural justice was found. The challenge to the revision therefore failed. Case-Laws Income Tax Thu, 28 May 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58871