TMI Blog1996 (9) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1958, to direct the Income-tax Appellate Tribunal, Hyderabad "B" Bench, Hyderabad, to state the case in respect of the following question for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in setting aside the gift-tax assessment order and directing the Assessing Officer himself to reframe the assessment de n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x Appellate Tribunal, following the decision of the Supreme Court in CGT v. Executors and Trustees of the Estate of the Late Shri Ambalal Sarabhai [1988] 170 ITR 144 as well as the decision of this court in Renuka (D.) (Dr.) v. CWT [1989] 175 ITR 615, held that the correct method to be applied is the yield method and in that view allowed the appeal and set aside the assessment. Aggrieved by that, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SC) and Dr. D. Renukas case [1989] 175 ITR 615 (AP), pointed out that they relate to gift-tax cases where the yield method is appropriate and, therefore, they have no bearing in deciding the questions arising under rule 1D of the Wealth-tax Rules, 1957. The Supreme Court observed : " Indeed, the decision of this court in Executors of Ambalal Sarabhai's case [1988] 170 ITR 144, indicates that 'br ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Supreme Court has already upheld the yield method in Ambalal Sarabhai's case [1988] 170 ITR 144, with reference to gift-tax and there being no subsequent decision under the Gift-tax Act, either explaining away or stating a different principle of law, we are not inclined to agree with learned counsel for the Revenue that this is a fit case to direct the Tribunal to refer the matter. The essential ..... X X X X Extracts X X X X X X X X Extracts X X X X
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