TMI Blog1971 (9) TMI 62X X X X Extracts X X X X X X X X Extracts X X X X ..... . 286 of 1963 on its file. It relates to the gift-tax assessment for 1958-59. In that case several questions were referred to the High Court by the Income-tax Appellate Tribunal, 'A' Bench, Calcutta. But at present we are only concerned with question No. 1(a) which reads : " Whether, on the facts and in the circumstances of the case, in determining the break up value of the shares of M/s. Indra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndividual made a gift of 350 ordinary shares of the face value of Rs. 1,000 each in M/s. Indra Singh and Sons Pvt. Ltd. on December 13, 1957, to his daughter, Smt. Rupinder Kaur. As the assessee was not able to produce any quotation in respect of the market value of the shares of that company, the Gift-tax Officer for the purpose of gift-tax assessment valued those shares at Rs. 4,282 per share on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the company. But that liability was covered by the existing reserve, advance tax paid and refund to which the company was entitled under section 18(5) of the Income-tax Act. This finding of the Tribunal is essentially a finding of fact, and it is not shown that that finding is in any manner vitiated. That being so, the ratio of the decision of this court in Kesoram Industries case is not attrac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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