1998 (2) TMI 45

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....of tax case references arises under the Gift-tax Act, 1958. The years of assessment with which we are concerned are 1972-73 and 1973-74 and there are three assessees who are the respondents in all the tax cases. All the assessees were shareholders in a private limited company called, Haritha Private Limited along with other family members. The members of the family sold the shares among themselves....

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....he reassessment and on further appeal by the Department, the Tribunal held that the Gift-tax Officer had no jurisdiction to levy tax under section 4(1)(a) of the Gift-tax Act, as the assessees have chosen to adopt one method of valuation of shares and merely because there was a different method which would have resulted in a higher value, which was not adopted by the assessee that is not a ground ....

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....nt in the assessee's case ?" We have set out the facts earlier. The facts clearly reveal that at the time of original assessment, the assessees have shown the value of the shares transferred by adopting a method prescribed by the Central Board of Direct Taxes. It is not disputed that the assessees returned the value of the shares transferred by them in a recognised method of valuation and it is....