1986 (10) TMI 5

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..... cant under section 26(3) of the Gift-tax Act, 1958, calling upon the Income-tax Appellate Tribunal, Indore, to make a reference to this court on the following question of law proposed by the applicant: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the amount of Rs. 169,428 which was subjected to capital gains tax was not taxable .....

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..... in. Simultaneously, the Income-tax Officer, acting as Gift-tax Officer, charged it as a deemed gift under the Gift-tax Act. The Commissioner of Income-tax (Appeals) deleted the addition of Rs. 1,69,428 made by the Income-tax Officer being the short-term capital gains. According to the applicant, this decision was accepted by the Department. Simultaneously, gift-tax proceedings were also commence .....

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..... reference to this court was made. Learned counsel, therefore, submitted that as the Department had given up its claim for capital gains tax, under the deeming provision, gift-tax could be levied on the basis of the valuation put forth by the valuer. He, therefore, submitted that, considering the facts and circumstances of this case, the Tribunal should be called upon to make a reference regarding .....

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