TaxTMI 
TaxTMI 
1984 (7) TMI 16
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....stion that has been referred in these two cases by the Tribunal to this court for its opinion is as follows : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in taking the value of the land gifted in the assessee's case at Rs. 37,500 per ground ? " The assessee in the first case gifted an extent of five grounds in Mount Road to one V. Kandasw....
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.... Officer, however, rejected the contention and valued the properties on the basis of the value adopted in the Wealth-tax assessments, i.e., the property which is the subject matter of gift in T.C. No. 438 of 1978 was assessed at Rs. 50,000 per ground and the property which is the subject matter of gift in T.C. No. 60 of 1978, at Rs. 60,000 per ground. The orders made by the Gift-tax Officer wer....
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....e Revenue has come up before us in these references. According to the learned counsel for the Revenue, the reasoning given by the Tribunal for reducing the value of the gifted property to Rs. 37,500 is not justified and the reasons given by the Tribunal for making such a reduction are not also germane or relevant. A perusal of the order of the Tribunal does not indicate clearly as to what were ....
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....uing the lands at Rs. 40,000 per ground as relevant criteria for determining the value of the gifted property; we are not inclined to agree with the Tribunal that the gift-tax liability which has been fastened on the donees under the gift deeds could at all be taken into account while fixing the value of the gifted properties. Even though the gift deeds have provided that the gift-tax is payable b....