TMI Blog1998 (2) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... ith which we are concerned is 1973-74. The assessee is an individual. She gifted during the course of the previous year relevant to 1973-74, 4,500 shares held in the company, T. V. Sundaram Iyengar and Sons Private Limited, and 240 shares held in the company, Southern Roadways Private Limited. She made the gift on March 28, 1973, to Miss Niveditha Ram. While completing the assessment for the assessment year 1973-74, the Gift-tax Officer valued the shares by applying the break-up value method by taking the balance-sheet as on March 31, 1973, which was nearer to the date of gift. On appeal, the Appellate Assistant Commissioner and the Appellate Tribunal held that the balance-sheet as on March 31, 1972, has to be taken into account for the pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15 per cent. of the value of shares should be given and it is not open to the assessee to claim 30 per cent. as discount on the value of gifted share. Mr. S. A. Balasubramanyan, learned counsel appearing for the assessee, relied upon two decisions of this court in the case of CGT v. Sundaram Industries Ltd. [1996] 222 ITR 710 and another one in the case of CGT v. K. Mahesh [1997] 223 ITR 765 wherein it was held that the view of the Tribunal granting discount of 30 per cent. of the value of the shares was upheld by this court. Therefore, learned counsel submitted that the Tribunal was justified in holding that the assessee would be entitled to the discount of 30 per cent. of the value of the share. We have carefully considered both the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... absence of any material how the table appended to the rule 1D was applied, we are not in agreement with the view of the Tribunal that 30 per cent. of the value of the share should be given as a discount to arrive at the value of the shares. Since the Tribunal has not discussed the matter, we are of the opinion that the Tribunal at the time of re-hearing the appeal should determine the question and it is open to the assessee to establish how the discount of 30 per cent. was warranted on the facts of the case. It is also made clear that it is always open to the Appellate Tribunal to ascertain whether there was any declaration of dividend during the earlier accounting years and determine the question in the light of the two decisions of this c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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