1990 (8) TMI 111

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....f the court was delivered by CHANDRAKANTARAJ URS. J. -This petition is by the Revenue seeking an order of this court directing the Income-tax Appellate Tribunal, Bangalore Bench, Bangalore, to make a reference under section 26(2) of the Gift-tax Act, 1958 (hereinafter referred to as "the Act"). Briefly stated, the facts leading to this petition are these : One Koravanda Muthanna gifted ce....

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....sment year 1977-78 as possession was given of the gifted properties on March 29, 1977, and further that the assessing authority should take into account not only the value of the gifted estate and other immovable properties referred to in the gift deed but also the value of the standing crop for purposes of determining the value of the coffee estate. Accordingly, the Gift-tax Officer reassessed th....

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....andrakumar, learned counsel for the Revenue. He has pointed out that the Tribunal has incorrectly applied the provisions of section 47 of the Registration Act of 1908, to come to the conclusion that the gift had taken effect on March 29, 1977. We do not want to express any opinion at this stage in regard to that contention. Certainly, it suffices for us to state that as to when a gift of immovable....