Chennai Court August 1976 Judgments

Commissioner of Gift-tax (Central), Madras Vs. Late Smt. Moonghibai Go ...

Court: Chennai

Reported in: [1977]108ITR276(Mad)

ISMAIL J. - The Income-tax Appellate Tribunal, Madras Bench, at the instance of the Commissioner of Gift-tax (Central), Madras, under section 26(1) of the Gift-tax Act, has referred the following questions of law for the opinion of this court :'(1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in determining the value of 4,690 shares in the Indian Express Newspapers (Bombay) Ltd., at Rs. 5,92,112 as against 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 yea...