1997 (2) TMI 19

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....---At the instance of the Department, the Tribunal referred the following common question, for the opinion of this court for the assessment years 1970-71 and 1971-72 in the case of three different assessees, under section 26(1) of the Gift-tax Act, 1958: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in holding that the transfer was not ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the difference between the market value and the stated consideration and also made the assessments of the difference as a deemed gift under section 4(1)(a) of the Gift-tax Act, for the two years, representing the respective assessee's share. On appeal, the Tribunal noted that in its earlier order in the case of Sri D. Pratapchandra Reddy, the Tribunal in its order, dated September 30, 1977, in....