9911796707
TMI Blog1997 (12) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellate Tribunal has referred the following question of law under the provisions of section 26(3) of the Gift-tax Act, 1958, for our opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the gift-tax assessment as made by the Gift-tax Officer was not erroneous and prejudicial to the interest of the Revenue and that the Commissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty and he directed the Gift-tax Officer to redo the assessment after granting opportunity to the assessee. After issuing the show-cause notice to the assessee and after hearing the objections raised by the assessee, the Commissioner of Gift-tax held that the market value of the property gifted determined by the Gift-tax Officer in the original assessment did not reflect the true market value of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the assessee. The Tribunal on the basis of the directions of this court has referred the question of law stated supra. Mr. C. V. Rajan, learned counsel for the applicant, brought to our notice the Explanation to section 24 of the Gift-tax Act, particularly clause (b) of the Explanation to section 24(2) of the Gift-tax Act and submitted that in view of clause (b) of the Explanation to section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on clearly shows that the Explanation was inserted to define the expression "record", and it is defined to include and shall be deemed always to have included all records relating to any proceeding under the Act available at the time of examination by the Commissioner. This court in K. A. Ramaswamy Chettiar v. CIT [1996] 220 ITR 657, has taken the view that a similar Explanation introduced to s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act. It is open to the parties to raise all the contentions at the time of the hearing of the appeal before the Appellate Tribunal. Though we answer the question of law referred to us in the negative and in favour of the Revenue, the Tribunal is directed to go into the question again and consider the question afresh. Accordingly, we answer the question of law referred to us in the negative ..... X X X X Extracts X X X X X X X X Extracts X X X X
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