RAVINDRA KUMAR JAIN Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) BY this application, the learned counsel for the applicant submits that by mistake he referred the provision of s. 260A of the IT Act, 1961, but the relevant provision is s. 27A of the WT Act, under which the appeal, in case of gift-tax, is maintainable.

(2.) CONSIDERING his submissions, the amendment application is allowed. Amended cause title has already been filed. That be taken on record.

(3.) THE membership was finally transferred on 24th Dec., 1991, at Rs. 50,000. THE GTO during the course of assessment noticed that one of the membership of the Stock Exchange was auctioned in 1991 at Rs. 8,71,000, therefore, he has taken the market value of the membership at Rs. 8,71,000 as on 11th Nov., 1991 and taxed the difference of the amount at which it was transferred and the market value, as deemed gift under s. 4(1) of the GT Act, 1958.