COMMISSIONER OF GIFT TAX Vs. PADMABEN HIRALAL SMT

JUDGEMENT

(1.) THE Appellate Tribunal has referred to us the following question for our opinion in this reference :

(2.) THE above question arises from the following set of facts. The assessee is found to have made gifts of Rs. 40,000 to Shri Hiralal Manilal and Rs. 25,000 to Smt.Savitaben Hiralal on February 2, 1963. She filed a voluntary return for these gifts under the Gift -tax Act showing the assessment year as 1964 -65 and the previous year as S.Y. 2019 which commenced on October 29,1962, and ended on October 17,1963. On the basis of this return, the Gift -tax Officer carried out the assessment on the amount of Rs. 65,000.

(3.) SO far as the Gift -tax Act is concerned, the expression 'previous year' so defined in section 2 thereof as under :