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TMI Blog1965 (6) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... calculation of the value of the goodwill by the Gift-tax Officer is correct ? - - - - - Dated:- 15-6-1965 - Judge(s) : M. S. MENON., V. P. GOPALAN NAMBIYAR. JUDGMENT M. S. MENON C.J.- This is a reference by the Income-tax Appellate Tribunal, Madras Bench, under section 26(1) of the Gift-tax Act, 1958. The assessment year concerned is 1959-60 and the questions referred to are : (1) Wheth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the books of the business. It is clear beyond doubt that the value of the gift to the four sons should be considered as four-fifths of the market value of Sreeman Motors and Sree Krishna Talkies. This is evident from sub-section (1) of section 6 of the Gift-tax Act, 1958, which provides that the value of any property other than cash transferred by way of gift should be estimated to be the pri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wrong in what has been done. The market value of Sreeman Motors and Sree Krishna Talkies has been properly estimated at Rs. 1,76,630 and the gift-tax confined to four-fifths of the said amount, namely, Rs. 1,41,304. The tax demanded, Rs. 7,504.32, is the tax on four-fifths of the market value, namely, Rs. 1,41,304. In the light of what is stated above the questions referred have to be answered a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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