9911796707
TMI Blog2002 (1) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... under the provisions of the Gift-tax Act, 1958. The valuation of the property was made by the second respondent upon issuing a show-cause notice to the petitioner. The proposed valuation of the said property is the subject-matter of the writ petition. In view of the order proposed to be passed by us, it is not necessary to state the facts of the case in great detail. Suffice to note that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect to the provisions of sub-section (2), the value of any property, other than cash, transferred by way of gift shall, for the purpose of this Act, be its value as on the date on which the gift was made and shall be determined in the manner laid down in Schedule II. (2) Where a person makes a gift which is not revocable for a specified period the value of the property gifted shall be the capita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns, namely:-- In the said Schedule, (a) references by whatever form of words to the Wealth-tax Act shall be construed as references to this Act; (b) in rule 5, the reference to the year ending on the valuation date shall be construed as a reference to the previous year as defined in this Act; (c) save as provided in clause (d), references to the valuation date shall be construed as refere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f justice could be sub-served if this writ petition is disposed of with a direction that the subject property be valued in terms of the rules as contained in Schedule II to the Gift-tax Act. For the reasons aforementioned, this writ petition is disposed of with the aforementioned directions. But in the facts and circumstances of the case, there shall be no order as to costs. - - TaxTMI - TMIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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