1983 (4) TMI 80

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....n in the case of CGT v. Smt. Kusumben D. Mahadevia [1980] 122 ITR 38 in order to determine the value of shares sold by the assessee-trust in respect of which deemed gift was subjected to tax by the GTO whereas the assessee in its cross-objection originally supported the order of the AAC but at the time of hearing before us, came forward with a newly raised legal plea that the assessee being a recognised charitable trust under the Income-tax Act, 1961 ('the 1961 Act') enjoys exemption under the 1961 Act as the same is not applicable to it as per section 45(e) of the Act and the assessment, therefore, should be annulled. The new contention raised before the Tribunal was purely legal and the same as such was permitted to be forwarded. 3. The ....

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.... of valuation laid down by the Supreme Court in the cases of CWT v. Mahadeo Jalan [1972] 86 ITR 621 and Smt. Kusumben D. Mahadevia. The AAC after considering the contentions from paras 3 to 6 of his order, came to a finding that rule 1D was not mandatory but directory in nature and restored the matter back to the file of the GTO with a direction to make a fresh assessment by valuing the shares according to the principles of valuation laid down by the Supreme Court in the above referred two judgments. 5. It is this action of the AAC which left the revenue and the assessee aggrieved. The revenue, as above said, challenges the action of setting aside whereas the assessee in its cross-objection has asked for annulment of the gift-tax assessmen....