2003 (7) TMI 635 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Jodhpur dismissed the appeal by the department against the order of the Commissioner of Gift-tax, pertaining to assessment year 1993-94. The tribunal held that the value determined by the sub-registrar for stamp duty purposes cannot be considered as the actual sale consideration for calculating deemed gift, as per the decision in a similar case. The department's appeal was dismissed, and the cross objection by the assessee was also deemed infructuous.