9911796707
TMI Blog1983 (6) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... paid in advance for the assessment year 1973-74 ? " The assessee had made the following gifts on March 24, 1973, March 28, 1973, and March 28, 1973, respectively amounting in all to Rs. 5,28,738. Date of gift Particulars of gift Amount of gift Rs. 24-3-1973 Cash Gifts 4,000 28-3-1973 4500 shares in T.V. Sundaram Iyengar and Sons Limited 4,90,000 28-3-1973 240 shares in Southern Roadways Limited 34,238 ------------------- 5,28,738. ------------------- The assessee had paid advance gift-tax of Rs. 1,11,071 on April 6, 1973, on his own calculations of the share value of items 2 and 3 of the gift at Rs. 5,24,238, less Rs. 5,000 being the basic exemption (as it was then) excluding item 1 of the gift, viz., cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly, the earlier assessment order of the GTO was set aside and the GTO was directed by the Commissioner to reject the claim for rebate of 10% on Rs. 1,11,071 since the advance tax paid was less than the gift-tax, viz., Rs. 1,13,621.40 as calculated by the GTO. Thus, the revised computation of the gift-tax was arrived at Rs. 1,13,621.40. The assessee went on appeal before the Tribunal claiming that he was entitled to 10% rebate on the advance gift-tax paid in terms of s. 18 of the G.T. Act as calculated by the assessee and that as the cash gift of Rs. 4,000 made on March 24, 1973, was below the taxable minimum the same requires to be excluded in computing the assessable amount, relying upon the order of the Tribunal in G.T.A. No. 32/1972-7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ming rebate the assessee has to pay advance tax on the gifts calculated at the rates specified in the Schedule. The calculation of the GTO is not contemplated and it is not the work of the GTO to calculate the amount of advance tax under s. 18. It is only after the return is submitted and if any suppressed gifts are disclosed to the GTO in the course of the assessment proceedings, the duty of the GTO to verify the calculations made by the assessee in his return will arise. There is absolutely no provision at all in a. 18 or anywhere in the Act, debarring the assessee from claiming the rebate in case the calculation of the assessee and the assessable amount are found to be not accurate. It is only by way of incentive to the assessees that re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee is varied by the Assessing Officer and the assessee had made a wrong calculation by excluding the cash gift of Rs. 4,000 for the purpose Of computing the advance tax, the assessee is not entitled to claim rebate and it stands to be rejected in limine in the face of the aforesaid discussion. What has been given by the statute by the right hand cannot be taken away by the Revenue with the left hand by adopting a varied calculation. Whether right or wrong, it will be different from the calculation made by the assessee for the purpose of computing the advance tax. We are of the view that such an attitude of the Revenue is not in consonance with the intention of the provisions of the Act. Therefore, we agree with the view expressed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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