2007 (9) TMI 540

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....evant for the assessment year 1993-94. After hearing learned counsel for the parties, we are of the view that the following substantial question of law arises for consideration : "Whether the valuation report dated September 13, 1995, obtained under section 15(6) of the Gift-tax Act, 1958, when no proceedings were pending for the assessment year 1993-94 in relation to a sale of property that....

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.... from the Departmental Valuation Officer (DVO), that the sale price had been greatly depressed and in fact the market value of the land with the boundary wall was Rs. 68,31,732. According to the Gift-tax Officer, the difference of Rs. 58,72,132 was liable to tax as a deemed gift under the Gift-tax Act, 1958 (for short "the Act.") The contention urged by the assessee was that since it had alread....

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.... the conclusion that the assessment order cannot be upheld under the circumstances. The Commissioner of Income-tax (Appeals) held that there cannot be a deemed gift for the assessment year 1993-94 when capital gains had been levied on the same transaction in the assessment year 1992-93. Feeling dissatisfied with the order passed by the Commissioner of Income-tax (Appeals), the Revenue preferred....

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....the previous year relevant to the assessment year 1992-93 and had charged tax on capital gains thereon, which was paid by the assessee. That being the position, the same transaction could not have been treated as a deemed gift in the previous year relevant to the assessment year 1993-94. We are of the view that it was not proper for the Tribunal to have proceeded on the basis that merely becaus....