VIDYAWATI DEVI RATHI Vs. COMMISSIONER OF GIFT TAX

JUDGEMENT

(1.) THIS reference has been sent by the Income-tax Appellate Tribunal along with the statement of the case, dated November 25, 1975, under Section 26(1) of the Gift-tax Act, 1958 (hereinafter referred to as "the Act"). The Tribunal has referred the following questions to this court for its opinion :

(2.) THIS reference has been made at the instance of the assessee, Smt. Vidyawati Rathi, and pertains to the assessment year 1958-59. The assessee was assessed under the Gift-tax Act where she was taxed on a sum of Rs. 7,92,074 considering the value of the gift as Rs. 8,01,074.

(3.) THE Gift-tax Officer, Beawar, issued a notice dated February 12, 1965, under Section 16(1) of the Act to the assessee wherein it was stated that on partition of the joint family properties, whether partial or complete, the assessee, as a member, was entitled to a share equal to that of her: son and that the assessee was entitled to l/3rd share, viz., Rs. 8,01,073.70 in the assets worth Rs. 24 lakhs odd in respect of which partition was done and since the assessee has not taken her aforesaid share, she has gifted her share to her sons, Seth Mukunddas and Seth Gokuldas.