SINGHAL INDUSTRIES Vs. DEPUTY COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Nobody appears for the assessee, nor any appearance has been put on behalf of the assessee, despite service.

(2.) This appeal has been filed by the revenue, against the judgment of the learned Tribunal, upholding the order of the learned Commissioner of Gift Tax (Appeals).

(3.) The brief facts are, that the assessing office vide order Annexure. 4, dated 28-2-1997, held that the assessee had transferred the properties for consideration lesser than the adequate and full consideration, and accordingly, held, that there is a taxable gift to the tune of l Rs. 11,38,334; accordingly demand notice and challan were ordered to be issued, and penalty proceedings were ordered to be separately initiated.