SAI LAKSHMINARAYANAN H Vs. COMMISSIONER OF GIFT TAX

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Cochin Bench, with regard to the proceedings under the Gift-tax Act has referred only one question and it is as follows :

(2.) THIS was in the background of the contention of the assessee for a reference of all eight questions, out of which the question reproduced above is somewhat similar to question No. 1 thereof. For the purpose of this judgment, its completion, the eight questions are as follows :

(3.) ON December 31, 1973, thereafter another return styled as a revised return was filed by the assessee-grandson showing the valuation at Rs. 84,500 for the purpose of tax under the Gift-tax Act. This time it is contended that the basis of valuation was a valuation report by Shri P. Padmanabha Iyer, an approved valuer, along with a contention that the earlier valuation at Rs. 1,28,100 was not based on any reliable data and in preference the valuation of the approved valuer deserves acceptance.