1989 (1) TMI 86

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..... e Revenue, under section 26(3) of the Gift-tax Act, 1958, to direct the Income-tax Appellate Tribunal to refer the three questions of law, formulated in para 7 of the original petition for the decision of this court. The respondent is an assessee under the Gift-tax Act. The short facts necessary for the disposal of this original petition are this : The Gift-tax Officer initiated proceedings again .....

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..... 0. The value of the land was fixed at Rs. 1,500 per acre and the value of the entire estate was fixed at Rs. 1,05,000 and after deducting a sum of Rs. 35,000 reflected in the document , the value of gift was fixed at Rs. 70,000. On a perusal of the order of the Appellate Tribunal dated November 6, 1985, it does not disclose the basis for fixing the value of the land at Rs. 1,500 per acre. Moreover .....

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..... and conjectures ?" We are of the view that the said question of law does arise out of the order of the Appellate Tribunal and direct the Income-tax Appellate Tribunal, Cochin Bench, to refer the said question of law, for the decision of this court, along with a statement of the case, within three months from the date of receipt of a copy of this judgment. The original petition is allowed.
C .....

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