9911796707
TMI Blog1971 (11) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... ur of Kuriappan – held that that the donee has secured only the life interest of the assessee in the properties gifted and the life interest of the assessee in the properties in the gift deed has alone to be valued for assessment to gift-tax - - - - - Dated:- 26-11-1971 - Judge(s) : T. S. KRISHNAMURTHY IYER., P. GOVINDAN NAIR. JUDGMENT The judgment of the court was delivered by KRISHNAMOORTHY IYER J.- In this reference under section 26(1) of the Gift-tax Act, 1958, at the instance of the assessee, the following questions have been referred: "(i) Whether, under the will dated October 10, 1953, of Cheruvathoor Ittoop Joseph, the assessee is an executrix by implication or by tenor of the will ? (ii) Whether, on the facts and in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee was not an executrix under the will, but had a life-interest in the properties comprised therein and what was conveyed under the gift deed in favour of Kuriappan by the assessee was only the donor's life interest. The plea before us was that the assessee was an executrix under the will. The will is produced as annexure " C " and is dated October 10, 1953. It is admitted that the properties comprised in the gift deed are included in annexure "C". Since there was no contention before us based on the interpretation of the gift deed, we do not think it necessary to call for a further statement of the case as the gift deed does not form part of the records in the case, In our view, the view of the Tribunal that the assessee is not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith the Tribunal in holding that the assessee had a life interest in the properties comprised in the will. The next submission of counsel for the assessee was that the valuation of the properties comprised in the gift deed was on the basis that the assessee had an absolute interest therein, and in view of the finding of the Tribunal only the life interest of the assessee in the properties comprised in the gift deed is liable to taxation. Counsel for the department contended that the nature of the valuation of the properties comprised in the gift deed was not raised before the Tribunal and, therefore, it is not a matter arising out of the order of the Tribunal and we cannot under section 26(1) arising the same. It does not appear from the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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