1991 (7) TMI 40

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....ADHAKRISHNA MENON J.-The assessee is before us. The questions referred for our opinion read as under : "A. What is the proper interpretation of the gift deed dated March 21, 1970, executed by the assessee in favour of his four children? B: Was the Appellate Tribunal justified in law in holding that, for the purposes of section 5(1)(xii) of the Gift-tax Act, where the donor expresses a des....

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....of an assessment dated August 19, 1971. The assessee was not satisfied with the assessment order and therefore, he filed an appeal before the Commissioner (Appeals). The Commissioner (Appeals), as per his order dated August 18, 1973, set aside the assessment order and remitted the matter to the Gift-tax Officer to make a fresh assessment. The Gift-tax Officer, thereafter, made an assessment and, w....

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....ellate Tribunal, by order dated May 5, 1976, has restored the order of the Gift-tax Officer. It is from this order of the Tribunal that the above questions are said to arise. The short point that arises for consideration is whether the Tribunal was justified in holding that the gift requires to be determined taking into account the value of the corpus as also the income from the property. It is....

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.... properties by the assessee was not one of the circumstances to be taken note of in determining what would be the reasonable amount of gift for the purpose of education of the donees under section 5(1)(xii) of the Gift-Act ,1958." In the light of the above observation of the Division Bench, we are of the view that the order of Tribunal to the contrary is not sustainable. To put it differentl....