High Court declined a reference under Section 26(3) of the Gift Tax Act to answer two questions regarding property valuation for gift tax, as the applicant showed no interest.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
THE HON’BLE SRI JUSTICE L.NARASIMHA REDDY AND THE HON’BLE SRI JUSTICE T.SUNIL CHOWDARY R.C.No.10 of 2003
JUDGMENT: (Per LNR,J)
This matter arises under the Gift Tax Act (for short ‘the Act’). The applicant herein suffered an order before t h e Hyderabad Bench of the Income Tax Appellate Tribunal with reference to assessment year 1993-94. It approached this Court by filing G.T.C.No.1 of 2001 under Section 26(3) of the Act with a prayer to refer the following questions to this Court:
1. Whether on the facts and in the circumstances of the case, is the Tribunal correct in coming to the conclusion that the value of the property for the purpose of gift tax should be taken to be the same value adopted for stamp duty and registration at Rs.12,91,850/- ignoring the valuation of the property on net maintainable rent in accordance with Section 6 of the Gift Tax Act read with Schedule –II of Gift Tax Act and Rules 3 to 7 of Schedule-III to the Wealth Tax Act?
2. Whether on the facts and circumstances of the case, the Tribunal is justified in confirming the valuation for the purpose of gift tax in respect of the immovable property at Beasant Nagar, Madras gifted to her three children at RS.12,91,850/- rejecting the assessee’s valuation of Rs.1,30,098 as per Schedule-III of the Wealth-Tax Act?
The reference was allowed and the questions have since been referred to this Court.
We have perused the record. There is no representation for the applicant. Since the applicant itself is not evincing any interest, we do not feel it appropriate to answer the questions.
We therefore decline the reference.
____________________ L.NARASIMHA REDDY, J
T.SUNIL CHOWDARY, J
Date: 24.09.2014 JSU
THE HON’BLE SRI JUSTICE L.NARASIMHA REDDY AND THE HON’BLE SRI JUSTICE T.SUNIL CHOWDARY
R.C.No.10 of 2003
Date: 24.09.2014 JSU
1 provisions across 1 enactments
Applicant
L.NARASIMHA REDDY
T.SUNIL CHOWDARY
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
