2015 (1) TMI 878

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.... Per: K S Jhaveri: 1. This appeal u/s.260A of the Income Tax Act, 1961 is filed against the judgment and order passed by the Income Tax Appellate Tribunal, Ahmedabad in Gift Tax Appeal No.19/AHD/1995 dated 25.07.2002 whereby, the appeal filed by the assessee was treated as allowed for statistical purposes. 2. Briefly stated, the facts are that the assessee herein is a Private Limited Compa....

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....tly allowed the appeal by adopting valuation at the rate of Rs. 127.63 per share in respect of the shares of Power Build Ltd. However, against the aforesaid order of CIT(A), the assessee again preferred appeal before the Tribunal. The Tribunal allowed the appeal of the assessee for statistical purposes, by passing the impugned judgment and order. Hence, this appeal at the instance of the assessee.....

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....ion 144(3) by the IAC?" 5. We have heard learned counsel for both the sides and perused the material on record. It appears from the record that the Assessing Officer accepted the sale consideration for the disputed transaction, as shown by the appellantassessee, under the Income Tax proceedings after thorough scrutiny. 6. In our view, the Tribunal has erred in applying the Gift Tax Rules for....

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....ave been invoked. 8. In view of the above, we prefer to answer question no.2 first since it pertains to the provision of Section1 144B r/w. Section 144(3) of the Income Tax Act. Now, in view of the discussion made herein above, the question no.2 as to when the mode or manner of valuation of unquoted shares has undergone changes from time to time on the basis of judicial pronouncement and / or l....