9911796707
TMI Blog1998 (2) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... e Gift-tax Act, 1958. The years of assessment with which we are concerned are 1972-73 and 1973-74 and there are three assessees who are the respondents in all the tax cases. All the assessees were shareholders in a private limited company called, Haritha Private Limited along with other family members. The members of the family sold the shares among themselves in the company called Union and Co. P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Department, the Tribunal held that the Gift-tax Officer had no jurisdiction to levy tax under section 4(1)(a) of the Gift-tax Act, as the assessees have chosen to adopt one method of valuation of shares and merely because there was a different method which would have resulted in a higher value, which was not adopted by the assessee that is not a ground for the Gift-tax Officer to adopt that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out the facts earlier. The facts clearly reveal that at the time of original assessment, the assessees have shown the value of the shares transferred by adopting a method prescribed by the Central Board of Direct Taxes. It is not disputed that the assessees returned the value of the shares transferred by them in a recognised method of valuation and it is not permissible for the Gift-tax Officer t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
