NANJIAH SETTY Vs. COMMISSIONER OF GIFT TAX

JUDGEMENT

(1.) THIS is a reference made by the Income -tax Appellate Tribunal, Madras, Bench, at the instance of the assessee under section 26(1) of the Gift -tax Act, to be hereinafter referred to as the 'Act'. This reference arises out of the Tribunal's order in G.T.A. No. 103 of 1960 -61, dated 12th November, 1962.

(2.) THE learned judge set out the statement of case which ran as follows :

(3.) THE total value of the movable properties as per books was Rs. 15,72,340. For purposes of partition the market value was ascertained at Rs. 15,26,473. The division was as under : Rs. Rs. Rs. Rs.Nanjiah Setty ... 7,63,530Gangadhara Setty (son)... 1,51,239Grandsons :Ramkumar ... 1,50,900Giridhar ... 1,50,900Vijayakumar ... 1,50,900Kasinath ... 1,50,900 - - - - - - - - - 6.03,600Granddaughters :Shyamala ... 37,725Srivalli ... 37,725 - - - - - - - - - 75,450 - - - - - - - - 6,79,050 - - - - - - - - - 8,30,289 - - - - - - - - - -