1988 (9) TMI 25

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..... cation under section 26 (3) of the Gift-tax Act, 1958 (hereinafter referred to as "the Act"). The material facts giving rise to this application briefly, are as follows: The late E. Cowasji made a trust of his movable and immovable property by a deed of trust dated September 28, 1960. The beneficiaries under the said trust were Mrs. Banoo Cowasji, Shri Jall Cowasji and his two daughters. Mrs. Ba .....

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..... cide the question of valuation of the gift. The Revenue preferred an appeal against the decision of the Commissioner before the Appellate Tribunal. The Tribunal upheld the finding of the Gift-tax Officer that there was gift and remanded the case to the Commissioner for recording his finding on the question of valuation of the gifted property. Aggrieved by the order passed by the Tribunal, the asse .....

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..... application. Having heard learned counsel for the parties, we have come to the conclusion that the following question of law does arise out of the order passed by the Tribunal : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the subject-matter of the gift was one-fourth share in the corpus of the trust property and not in the interest o .....

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