2001 (7) TMI 49

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....nce of the Revenue, the following question has been referred under section 26(1) of the Gift-tax Act, 1958 (in short the 'Act"), by the Income-tax Appellate Tribunal, Delhi Bench "C", New Delhi (in short "the Tribunal"), for the opinion of this court: "Whether, on the facts and in the circumstances of the case, when the deceased-assessee transferred her right to get the lease of the plot from t....

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....aluer who while computing the value deducted 50 per cent. of the unearned increase. The Assessing Officer was of the view that there being no question of payment in relation to unearned increase in the case of a relation, there was no scope for deducting 50 per cent. of the unearned increase over the initial premium, as was done by the valuer. The valuation report, as prepared by the assessee's va....

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....a. IV(2)(iv) of the terms of auction is applicable to the facts of the case and therefore the Appellate Assistant Commissioner's order did not warrant any interference. On being moved for reference, the question as set out above, has been referred for the opinion of this court. We have heard learned counsel for the Revenue. There is no appearance on behalf of the assessee. We find that the a....