1984 (9) TMI 131

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.... II and cost accountancy. The value of the gifted property was declared at Rs. 20,000. The said plot was sold by the donee on 6-10-1975 for a consideration of Rs. 50,000. Out of the sale proceeds of the land he utilized Rs. 8,882 for payment of income-tax. He also advanced to the donor a sum of Rs. 23,950 for business purposes. 3. The return of gift-tax was filed on 12-10-1976 declaring nil gift. The GTO on the facts stated above estimated the value of the gifted land on the date of the gift at Rs. 30,000. He also held that the donor never intended that the income of the asset transferred will be for the education purposes of the donee. He also held that the donee had not applied the entire sale proceeds of the assets for his education pur....

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....be taken as enough evidence to justify the estimate of the value of the gifted property at Rs. 30,000 as taken by the GTO. It was further contended that the exemption was rightly refused by the GTO because there was no evidence to show that the amounts of the sale proceeds of the gifted land had been utilized for the education of the donee. Therefore, the order of the AAC be reversed and that of the GTO restored in its place. 6. On the other hand, the learned counsel for the assessee submitted that it is not for the revenue to go behind the section which gives exemption to the assessee. It was submitted that under section 5(1)(xii) if the gift is for the education of the assessee's children, to the extent to which the gifts are proved to t....