ASST COMMISSIONER OF GIFT TAX Vs. SYNBIOTICS LTD

JUDGEMENT

(1.) AT the time of admission on 06. 12. 2000 following two questions were formulated by the High Court as substantial questions of law:

(2.) WHETHER, the Appellate Tribunal is right in law and on facts in holding that the sale of bulk drugs by the assessee to its sister concern at a price lower than the price fixed by the Government should not be treated as deemed gift under Section 4 (1) (a) of the Gift Tax Act ?

(3.) WHETHER, the Appellate Tribunal is right in law and on facts in holding that the deemed gift in the assessee's case was exempt under section 5 (1) (xiv) of the Gift Tax Act?