Commissioner of Gift Tax vs R. Jawahar

Venkataswami, J.—The Revenue wanted the Tribunal to refer to this Court the following question of law :

Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the difference between the returned value of

the gift and the value of the Sub-Registrar''s is not a deemed gift assessable under s. 4(1) (a) ?

The Tribunal declined to refer the same. Hence, the present petition.

The Tribunal has not only followed an earlier decision of this Court in Commissioner of Gift-tax Vs. Indo Traders and Agencies (Madras) P.

Ltd., in answering the question against the Revenue, but also on the facts, has found that the consideration received by the assessee was fair and

reasonable in the circumstances of the case, though it did not represent the guideline value adopted by the Sub-Registrar for registration purposes.

In view of the fact that the Tribunal has followed only a ruling of this Court, and also in view of the further fact that the finding given by the

Tribunal is based on facts as mentioned above, we do not think any question of law arises to be decided by this Court. The petition is, therefore,

dismissed.