9911796707
TMI Blog1984 (7) TMI 200X X X X Extracts X X X X X X X X Extracts X X X X ..... e three persons are the daughters of one S. Mahboob Khan, who was carrying on passenger transport business at Nellore in Andhra Pradesh from 1942. He died interstate on 6th Dec., 1962 leaving behind his wife, tow sons and the three daughters. All the properties devolved on the widow, the sons and the daughters, in the proportions laid down under the Mohammedan Inheritance law. The sons and the dau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d gift-tax, in respect of this particular transactions and the assessee, it would appear, agreed to file return under the GT Act in respect of the buses that were transferred. The total value of the gift was returned at Rs. 1,25,000. In the course of the discussion the assessee had submitted three calculations of the value, of the deemed gift under s. 4(1)(a). The three calculations were Rs. 74,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd realised a surplus of Rs. 3,55,650 over the written down value of Rs. 72,350 and that if this were used as a measure, then the element of gift involved in the transactions of the assessee with the three daughters of late Mahboob Khjan would be as much at Rs. 5,37 lakhs. it is also pointed out that the company had in the course of IT proceedings furnished a computation of the probable maximum fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmissioner (A) does not require any interference. 6. We are of the views that the order of the Commissioner (A) does not require to be modified to any extent, the subject matter of the gift is the probable understatement in the price at which the buses were actually transferred when compared with the market price. The market price is only a question of estimation and even the value of Rs. 1,25,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value, it cannot be said that the market value of these 22 buses would be determined only on the basis of the sale of the other 18 buses by the assessee at a higher price. There is nothing to show that the various factors, which have been mentioned by the assessee in its letter to the GTO at the time of filing return have been the same in respect of the two lots of buses. In the absence of any suc ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
