2002 (2) TMI 19

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....ance of the Revenue seeking reference on the following question, a question of law arising from the order of the Income-tax Appellate Tribunal, Jaipur Bench, dated May 30, 1989. "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the transfer of immovable properties by the assessee to his minor sons, specifically for the purpose of their educa....

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....ion 5(1)(xii) of the Gift-tax Act on the ground that said gifts were for providing higher and advance education to the minor sons. The assessing authority denied exemption as in his opinion the value of properties was much in excess of the expenses required for the purpose of providing educational facilities to the minor sons and the amount was not reasonable. On appeal the claim of the assessee w....