1990 (1) TMI 68

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..... a plot of land which was gifted by the respondent to his grandson. The Gift-tax Officer did not accept the contention of the assessee, namely, that the value should be Rs. 15,136, which was the consideration which the assessee had paid for it on January 30, 1976. The contention of the assessee was that, according to the terms of the lease deed, for a period of 10 years this property could not be .....

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..... hat the value of the gift should be Rs. 3,37,792. The Tribunal took note of the fact that there was a restriction placed on the transfer of the land and, in fact, for the first ten years, there was a complete prohibition of transfer by sale and it was because of that reason that the Tribunal had adopted the value of Rs. 15,136 instead of Rs. 3,37,792 adopted by the Gift-tax Officer. In our opinion .....

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