COMMISSIONER OF GIFT TAX Vs. CHAND KISHORE JAISWAL

JUDGEMENT

(1.) THE Tribunal, Allahabad, has referred the following question of law under the GT Act, 1958, (hereinafter referred to as 'the Act') for opinion to this Court : "Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that the reversionary value of the property No. 65/135, Moti Mahal, Kanpur, gifted by the assessee be excluded from the value of the property -

(2.) FOR the asst. yr. 1969 -70 under the GT Act the only question placed before the Tribunal related to the valuation of the respondent's 1/3rd share in property No. 65/135, Moti Mahal, Kanpur, gifted by him to Smt. Hema Devi, Smt. Krishna Devi and Smt. Surendra Kumari. The respondent had valued it at Rs. 28,264. The GTO referred the question on its valuation to the Valuation Officer, who valued the same at Rs. 53,312. He had adjudicated the valuation of structure and reversionary value of the land. In appeal the AAC followed the decision of the Calcutta High Court in the case of CIT vs. Smt. Ashima Sinha (1979) 116 ITR 26 (Cal) and held that the reversionary value could not be included in the value of the property when it had been valued on rental method as had been done by the Valuation Officer and, therefore, he excluded the reversionary value. The appeal filed by the Revenue has been dismissed by the Tribunal. We have heard Sri. A.N. Mahajan, learned counsel for the Revenue. Nobody has put in appearance for assessee -opposite party.

(3.) SRI Mahajan very fairly stated that the question referred to us squarely covered by the decision of this Court in the case of CWT vs. Ram Saran Kajriwal (1987) 64 CTR (All) 32 : (1987) 168 ITR 485 (All).