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TMI Blog1979 (10) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... year 1969-70, aggregating to Rs. 2,04,557. The gifts fell on two dates, viz., March 25, 1970, and March 26, 1970. The gifts made on March 25, 1970, amount to Rs. 1,50,000 and they are by way of cash. The balance of the gifts made on March 26, 1970, represent (a) shares held by the assessee in companies, (b) payment of insurance premium by the assessee for a policy taken under the Married Women's Property Act, and (c) a small quantity of gold valued at Rs. 260. The GTO in making the assessment made two additions to tile amounts of gift totalling Rs. 2,770 in respect of shares held by the assessee in three companies, which were transferred to the donees. He, therefore, calculated the total gift at Rs. 2,07,327 and after allowing the statutory ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s making the gift the amount of tax due on the gift calculated at the rates specified in the Schedule, he shall, at the time of assessment under section 15, be given credit, in addition to the amount so paid, for an amount equal to 10% of the amount so paid. Explanation.-If a person makes more than one taxable gift in the course of a previous year, the amount of tax due on any one of such gifts shall be the difference between the total amount of tax due on the aggregate value of all taxable gifts so far made, including the taxable gift in respect of which tax has to be paid, calculated at the rates specified in the Schedule and the total amount of tax on the aggregate value of all the gifts made during that year excluding the taxable gift ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ills at particular figure. Similarly, he valued the shares of Bojaraj Textiles and Varadalakshmi Mills at a particular figure. The GTO disturbed these valuations and added a sum of Rs. 2,770, as in his view, that would represent the correct market value of the shares. In the order of the GTO it has been pointed out that there has been a shortfall to the extent of Rs. 11. This shortfall would not have arisen if the assessee had been able to anticipate the actual working of the GTO. It would not ordinarily be possible for any assessee to anticipate what the assessing authority would do at the time when he takes up the assessment. So long as the valuation as made by the assessee is not found to be lacking in bona fides, the assessee would be i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee gets the benefit of a percentage of the tax paid and not for any tax which he was bound to pay and which was in arrears. In the present case, it may also be noticed that the assessee was careful enough to pay the entire tax which he was bound to pay on the basis of his bona fide valuation. In these circumstances, there is absolutely no merit in the contention of the Commissioner of Gift-tax that the assessee has lost the benefit conferred on him by s. 18 of the Act, merely because there was a shortfall of Rs. 11 in the calculation of tax made by the GTO. We may, however, point out one error in the order of the Tribunal under consideration. In paragraph 6 of its order the Tribunal has pointed out that the gifts other than cash ..... X X X X Extracts X X X X X X X X Extracts X X X X
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