TMI Blog1976 (8) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... st Rs. 6,48,520 declared by the assessee herself in her return ? (2) Whether the Appellate Tribunal acted within the scope of its appellate powers in granting the relief in excess of the relief prayed for by the assessee in the appeal ? " The assessee, late Smt. Moonghibai Goenka, owned 4,700 equity shares in the Indian Express Newspapers (Bombay) Ltd., Bombay. By deeds of settlement dated May 7, 1966, she transferred 4,690 shares to four different trusts created by her for the benefit of her three minor grand-children. For the assessment year 1967-68, the relevant accounting period ending on March 31, 1967, a return of taxable gifts at the value of Rs. 6,48,520 was filed by Sri Bhagwandas Goenka, as the legal representative of the late ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion was Rs. 6,48,520, it is not open to the Tribunal to fix the value at a lesser figure, namely, at Rs. 5,92,112, and even according to the provisions of section 23(6) of the Gift-tax Act, as it then stood, the order of the Tribunal should be in accordance with the claim of the assessee before it. In this case, admittedly, the assessee had throughout contended that the value returned by the assessee at Rs. 6,48,520 was the correct value of 4,690 equity shares, and even in the grounds of appeal before the Tribunal, the assessee had prayed that the Tribunal may be pleased to take the valuation of the 4,690 shares to be only at Rs. 6,48,520. It is in view of this only that the learned counsel for the revenue contends that the Tribunal has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1958, in Commissioner of Gift-tax v. Dr. V. Madhavan Valiathan [1968) 68 ITR 729 (Ker) [FB]. Considering the scope of the expression " any question of law arising out of such order " appearing in section 66(1) of the Indian Income-tax Act, 1922, the Supreme Court in Commissioner of Income-tax v. Scindia Steam Navigation Co. Ltd. [1961] 42 ITR 589, 611 (SC) observed as follows : " The result of the above discussion may thus be summed up : (1) When a question is raised before the Tribunal and is dealt with by it, it is clearly one arising out of its order. (2) When a question of law is raised before the Tribunal, but the Tribunal fails to deal with it, it must be deemed to have been dealt with by it, and is, therefore, one arising out o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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