2002 (1) TMI 33

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....-The petitioner in this case has questioned the valuation made by the concerned respondents under the provisions of the Gift-tax Act, 1958. The valuation of the property was made by the second respondent upon issuing a show-cause notice to the petitioner. The proposed valuation of the said property is the subject-matter of the writ petition. In view of the order proposed to be passed by us, it ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ion 6 of the Gift-tax Act, 1958, reads thus: "6. Value of gifts, how determined.-(1) Subject to the provisions of sub-section (2), the value of any property, other than cash, transferred by way of gift shall, for the purpose of this Act, be its value as on the date on which the gift was made and shall be determined in the manner laid down in Schedule II. (2) Where a person makes a gift which....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nafter referred to as the Wealth-tax Act), which shall apply subject to the following modifications, namely:-- In the said Schedule, (a) references by whatever form of words to the Wealth-tax Act shall be construed as references to this Act; (b) in rule 5, the reference to the year ending on the valuation date shall be construed as a reference to the previous year as defined in this Act; ....