1971 (9) TMI 62

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....ecision of the High Court of Calcutta in Gift-tax Matter No. 286 of 1963 on its file. It relates to the gift-tax assessment for 1958-59. In that case several questions were referred to the High Court by the Income-tax Appellate Tribunal, 'A' Bench, Calcutta. But at present we are only concerned with question No. 1(a) which reads : " Whether, on the facts and in the circumstances of the case, in....

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....r on the issue arising for decision. The assessee who is an individual made a gift of 350 ordinary shares of the face value of Rs. 1,000 each in M/s. Indra Singh and Sons Pvt. Ltd. on December 13, 1957, to his daughter, Smt. Rupinder Kaur. As the assessee was not able to produce any quotation in respect of the market value of the shares of that company, the Gift-tax Officer for the purpose of g....

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....d to be taken into account in computing the value of the assets of the company. But that liability was covered by the existing reserve, advance tax paid and refund to which the company was entitled under section 18(5) of the Income-tax Act. This finding of the Tribunal is essentially a finding of fact, and it is not shown that that finding is in any manner vitiated. That being so, the ratio of the....