9911796707
TMI Blog1997 (3) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income-tax Appellate Tribunal, Amritsar (hereinafter referred to as "the Tribunal"), requiring the Tribunal to draw up a statement of the case and refer the following two questions of law arising from the Tribunal's order dated August 29, 1979, in E. D. A. Nos. 8 and 11(ASR) of 1978-79, to this court for its opinion : "1. Whether, on the facts and in the circumstances, the Appellate Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the value of the subject-matter of the sale at the rate of Rs. 13,250 per acre. Thus, according to the Assistant Controller of Estate Duty, the total value of the subject-matter of sale was Rs. 2,18,997 as against the sale consideration of Rs. 40,000. The value of the land being much more, the Assistant Controller of Estate Duty was of the view that in fact there was no sale. Then he took the vie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deceased ?" We have heard learned counsel for the Revenue, Mr. R. P. Sawhney, senior advocate. The contention of learned counsel for the Revenue is that the present case is a case of deemed gift to the tune of Rs. 1,78,997 in view of the provisions of section 9 read with Explanation 2 to section 2(15) of the Estate Duty Act, 1953, as there was extinguishment of the right of the deceased to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be bifurcated from the transaction of sale. There is no provision in the Estate Duty Act, 1953, in regard to a deemed gift. This being the position, we find that the Tribunal was justified in law in holding that the provisions of section 9 read with Explanation 2 to clause (15) of section 2 of the Estate Duty Act, 1953, were not attracted in the present case. The reference is answered accordingly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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