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TMI Blog2009 (1) TMI 153X X X X Extracts X X X X X X X X Extracts X X X X ..... ated:- 9-1-2009 - M. M. KUMAR and H. S. BHALLA JJ. Vivek Sethi for the Commissioner. JUDGMENT The judgment of the court was delivered by M. M. Kumar J.- The Commissioner of Gift-tax, Jalandhar, has approached this court with a prayer for adjudication on the following question of law : "Whether, on the facts and circumstances of the case, the Tribunal was right that in valuing the unquoted shares of M/s. Kakkar Complex P. Ltd. for the purposes of working out the value of the deemed gift on March 20, 1979, and March 31, 1979, reference should be made to the balance-sheet of the said company as on March 31, 1978, and not with reference to the balance-sheet as on March 31, 1979?" 2. It has been claimed that the aforement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in existence for the year ending March 31, 1978, and the same was required to be taken into account. Accordingly, the Commissioner found the break up value of the share of M/s. Kakkar Complex with reference to the balance-sheet as on March 31, 1979, at Rs.1,115 instead of Rs. 2,086. He modified the quantum of gift and granted relief to the assessee. 4. The Revenue felt aggrieved and challenged the order of the Commissioner before the Tribunal. However, the Tribunal upheld the finding of the Commissioner and dismissed the appeal of the Revenue as is evident from the perusal of para. 4 which reads thus : "We first take up the appeal of the Revenue for disposal. We are not moved by the plea that it was a transaction of sale only and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or to the date of the transaction. One balance-sheet which was here available on March 23, 1979, was the balance-sheet relating to the date, which fell on March 31, 1978. It was only with reference to this balance-sheet that the two parties concerned with the sale, could have reached a finding about the valuation of the shares. Accordingly, following one of the two views, the Kerala view favourable to the assessee, we find no error in the finding of the Commissioner of Gift-tax who had reached a break up value of the shares with reference to the balance-sheet as on 31 st March, 1978. We accordingly, uphold the finding of the Commissioner of Gift-tax and reject the plea of the Revenue to the contrary as of no substance and merit." 5. Mr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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