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TMI Blog1996 (9) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... y this application filed under section 26(3) of the Gift-tax Act, 1958, to direct the Income-tax Appellate Tribunal, Hyderabad "B" Bench, Hyderabad, to state the case in respect of the following question for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in setting aside the gift-tax assessment order and directing t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e authority Assistant Commisioner (Appeals). The Income-tax Appellate Tribunal, following the decision of the Supreme Court in CGT v. Executors and Trustees of the Estate of the Late Shri Ambalal Sarabhai [1988] 170 ITR 144 as well as the decision of this court in Renuka (D.) (Dr.) v. CWT [1989] 175 ITR 615, held that the correct method to be applied is the yield method and in that view allowed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r discussing Ambalal Sarabhai's case [1988] 170 ITR 144 (SC) and Dr. D. Renukas case [1989] 175 ITR 615 (AP), pointed out that they relate to gift-tax cases where the yield method is appropriate and, therefore, they have no bearing in deciding the questions arising under rule 1D of the Wealth-tax Rules, 1957. The Supreme Court observed : " Indeed, the decision of this court in Executors of Ambala ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a question of law, having regard to the fact that the Supreme Court has already upheld the yield method in Ambalal Sarabhai's case [1988] 170 ITR 144, with reference to gift-tax and there being no subsequent decision under the Gift-tax Act, either explaining away or stating a different principle of law, we are not inclined to agree with learned counsel for the Revenue that this is a fit case to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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