TMI Blog1998 (2) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... essment 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. Pvt. Ltd. The assessees computed the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat 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 method and section 4(1)(a) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learly 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 to adopt a different method of valua ..... X X X X Extracts X X X X X X X X Extracts X X X X
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