9911796707
TMI Blog1991 (7) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... our opinion read as under : "A. What is the proper interpretation of the gift deed dated March 21, 1970, executed by the assessee in favour of his four children? B: Was the Appellate Tribunal justified in law in holding that, for the purposes of section 5(1)(xii) of the Gift-tax Act, where the donor expresses a desire that the income be utilised for education, it is circumstance of the case to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment order and therefore, he filed an appeal before the Commissioner (Appeals). The Commissioner (Appeals), as per his order dated August 18, 1973, set aside the assessment order and remitted the matter to the Gift-tax Officer to make a fresh assessment. The Gift-tax Officer, thereafter, made an assessment and, while determining the value of the property gifted, treated the income the donees we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer. It is from this order of the Tribunal that the above questions are said to arise. The short point that arises for consideration is whether the Tribunal was justified in holding that the gift requires to be determined taking into account the value of the corpus as also the income from the property. It is relevant in this context to note that the approach to the issue adopted by the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ermining what would be the reasonable amount of gift for the purpose of education of the donees under section 5(1)(xii) of the Gift-Act ,1958." In the light of the above observation of the Division Bench, we are of the view that the order of Tribunal to the contrary is not sustainable. To put it differently, the Tribunal went wrong in holding that the market value of the property will be the v ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
