COMMISSIONER OF GIFT TAX Vs. RADHAKRISHNAN NAIR K

JUDGEMENT

(1.) THE Tribunal, Cochin Bench, has referred, under S. 26(1) of the GT Act, 1958, and ask for answer to the following question :

(2.) READING the question it would be seen that what is required to be considered and answered is as to whether the notification (Annexure F) dt. 20th July, 1977 would govern the situation or not.

(3.) THE GTO by the order dt. 30th May, 1982 (Annexure) applied the Circular and since the firm was not mainly a professional firm calculated on the basis of three times the purchase in the context.