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2003 (4) TMI 23 - RAJASTHAN HIGH COURTGift Tax Act, 1958 - When after seeing the reply to the queries raised regarding the transaction, no addition was made in the income-tax assessment, there is no justification in the gift-tax proceedings, after referring the matter to the Valuation Officer, to estimate the value of that agricultural land at a higher amount. - Once the assessee has declared fully and truly all material facts for the assessment of that transaction, in our view, there is no justification to disturb that value in the gift-tax proceedings which has been accepted by the same Assessing Officer in the income-tax proceedings.
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