COMMISSIONER OF GIFT TAX Vs. GOPAL SRINIVASAN MINOR

JUDGEMENT

(1.) THE following five questions which are identical in both the cases are referred to this court

(2.) THE first question, which is common to both the cases is covered by a judgment of this court in CGT v. Venu Srinivasan according to which the balance -sheet, nearest to the date of gift, should be taken into account for valuing the assets gifted. As that has not been done by the Tribunal in this case, the matter has to be redone by the Tribunal in accordance with the abovesaid decision. Accordingly, we answer the first question in both the cases in the negative and against the assesseeSo far as the second question in both the cases is concerned, it must be answered against the Revenue, in view of the decision in CWT v. S. Ram, accordingly, we answer this question in the affirmative and against the Revenue. In view of our answer to the first question, no answer is necessary for questions Nos. 3, 4 and 5 as the answer to those questions would depend upon the decisions to be rendered by the Tribunal for the first question Accordingly, we refrain from answering questions Nos. 3, 4 and 5. No costs.