9911796707
TMI Blog2007 (9) TMI 540X X X X Extracts X X X X X X X X Extracts X X X X ..... 993-94. After hearing learned counsel for the parties, we are of the view that the following substantial question of law arises for consideration : "Whether the valuation report dated September 13, 1995, obtained under section 15(6) of the Gift-tax Act, 1958, when no proceedings were pending for the assessment year 1993-94 in relation to a sale of property that took place on March 6, 1992, (regi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... VO), that the sale price had been greatly depressed and in fact the market value of the land with the boundary wall was Rs. 68,31,732. According to the Gift-tax Officer, the difference of Rs. 58,72,132 was liable to tax as a deemed gift under the Gift-tax Act, 1958 (for short "the Act.") The contention urged by the assessee was that since it had already paid tax on capital gains in respect of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t be upheld under the circumstances. The Commissioner of Income-tax (Appeals) held that there cannot be a deemed gift for the assessment year 1993-94 when capital gains had been levied on the same transaction in the assessment year 1992-93. Feeling dissatisfied with the order passed by the Commissioner of Income-tax (Appeals), the Revenue preferred an appeal before the Tribunal, which was allowed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 992-93 and had charged tax on capital gains thereon, which was paid by the assessee. That being the position, the same transaction could not have been treated as a deemed gift in the previous year relevant to the assessment year 1993-94. We are of the view that it was not proper for the Tribunal to have proceeded on the basis that merely because there was a considerable difference in the value of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
