1986 (10) TMI 5

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.... is an application filed by the applicant under section 26(3) of the Gift-tax Act, 1958, calling upon the Income-tax Appellate Tribunal, Indore, to make a reference to this court on the following question of law proposed by the applicant: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the amount of Rs. 169,428 which was subjecte....

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....28 was charged as a short-term capital gain. Simultaneously, the Income-tax Officer, acting as Gift-tax Officer, charged it as a deemed gift under the Gift-tax Act. The Commissioner of Income-tax (Appeals) deleted the addition of Rs. 1,69,428 made by the Income-tax Officer being the short-term capital gains. According to the applicant, this decision was accepted by the Department. Simultaneo....

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....late Tribunal when an application for making a reference to this court was made. Learned counsel, therefore, submitted that as the Department had given up its claim for capital gains tax, under the deeming provision, gift-tax could be levied on the basis of the valuation put forth by the valuer. He, therefore, submitted that, considering the facts and circumstances of this case, the Tribunal sh....