COMMISSIONER OF GIFT TAX Vs. MADHURKUMAR BAJAJ

JUDGEMENT

(1.) THESE are applications under S. 26(3) of the GT Act, 1958 (''the G. T. Act"), by the CGT, Vidarbha, Nagpur, seeking a reference on the following question, said to be of law :

(2.) DURING the assessment years between 1971 72 and 1973 74, the assessee sold unquoted equity shares of certain companies. The GTO valued the shares at a higher rate on the basis of the break up value as per the WT Rules and treated the difference between the two rates as deemed gifts under S. 4(1)(a) of the GT Act. The appeal by the assessee before the CGT (A) was successful and the matter was remanded for fresh assessment of the value of the shares on the basis of the yield method.

(3.) UNDER the circumstances, rightly has the Tribunal refused to make a reference on the ground of existence of the above binding decisions. These applications are, therefore, dismissed summarily without issuing rule.