1997 (12) TMI 63

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rections of this court by order dated December 22, 1983, the Income-tax Appellate Tribunal has referred the following question of law under the provisions of section 26(3) of the Gift-tax Act, 1958, for our opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the gift-tax assessment as made by the Gift-tax Officer was not erroneo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ft-tax Officer had not correctly determined the market value of the property and he directed the Gift-tax Officer to redo the assessment after granting opportunity to the assessee. After issuing the show-cause notice to the assessee and after hearing the objections raised by the assessee, the Commissioner of Gift-tax held that the market value of the property gifted determined by the Gift-tax Offi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....et aside the order of the Commissioner and allowed the appeal preferred by the assessee. The Tribunal on the basis of the directions of this court has referred the question of law stated supra. Mr. C. V. Rajan, learned counsel for the applicant, brought to our notice the Explanation to section 24 of the Gift-tax Act, particularly clause (b) of the Explanation to section 24(2) of the Gift-tax Ac....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on (2) of section 24 of the Gift-tax Act. A fair reading of the Explanation clearly shows that the Explanation was inserted to define the expression "record", and it is defined to include and shall be deemed always to have included all records relating to any proceeding under the Act available at the time of examination by the Commissioner. This court in K. A. Ramaswamy Chettiar v. CIT [1996] 2....