COMMISSIONER OF GIFT TAX COMMISSIONER OF INCOME TAX GUJARAT II COMMISSIONER OF INCOME TAX GUJARAT COMMISSIONER OF INCOME TAX GUJARAT Vs. ANSUYA SARABHAI:ANARKALI SARABHAI:ANARKLI SARABHAI:MRINALINI V SARABHAI

JUDGEMENT

(1.) Leave granted in Special Leave Petitions (C) Nos. 8804 of 1986 and 3117 of 1982.

(2.) The appeal is against the judgment of the Gujarat High court reported in Commr. of Gift Tax v. Ansuya Sarabhai.

(3.) In this appeal a common question of law that arises for consideration is: "whether on the facts and in the circumstances of the case, the transaction effected by release deed dated 12/7/1964 executed by the assessee is taxable within the meaning of the Gift Tax Act, 1958 -