K MARAPPA GOUNDER Vs. COMMISSIONER OF GIFT TAX

JUDGEMENT

(1.) THE question referred to us at the instance of the assessee is as to whether on the facts and in the circumstances of the case the Tribunal was justified in fixing the value of the land at Rs. 75, 000 per acre without considering the sale deed dt. llth July, 1975, wherein the value of 18 cents lying just opposite to the above said gifted land and comprising in a different sub-division of the same survey number as the gifted land was sold only for Rs. 1, 600 per acre ""

(2.) THE asst. yr. is 1974-75. THE gift made by the assessee to Ms son was on 29th march, 1974. THE extent of the gift by the assessee to his son is 2. 325 acres of dry lands. THE value of that property was shown to be Rs. 46, 500. THE Tribunal determined the true value of it at Rs. 75, 000 after taking note of sale which the donor had effected on 26th March, 1975, of 0. 93 acres for R s. 94, 000. THE Tribunal found that the rate per acre on that basis would be R s. 1 lakh but that needed to be discounted as the sale was to the state Bank Staff Co-operative Society-Building which had a colony adjacent to that land and so society was willing to pay a higher value. THE Tribunal, therefore, fixed the value of the property at R s. 75, 000. THE order of the Tribunal does not disclose any reference to any sale deed of llth July, 1975. This reference is in reality meant to question the correctness of the order of the Commissioner which merely mentions that there is one sale of a tiny bit of land for Rs. 2, 200 and that it is not at all comparable.