2008 (12) TMI 410

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....; Adarsh Kumar Goel J.- This petition has been filed by the Revenue under section 26(1) of the Gift-tax Act, 1958, proposing to question the of the view taken by the Income-tax Appellate Tribunal in its order dated March 3, 1993, disposing of miscellaneous application filed by the Revenue.   2. The assessee declared value of two types of gifts made during the assessment year : (i) ou....

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....section 6(2) of the Gift-tax Act.   4. The Revenue made an application stating that if the gift was revoked, bonus shares will revert back to the donor, which aspect was not con-sidered by the Tribunal. The Tribunal rejected the said application on the ground that the said issue was not raised earlier.   5. Learned counsel for the Revenue fairly states that as far as the concept of....