Law: Gift Tax Act, 1958

Section: 27

Gift Tax Act (XIV of 1963)---S. 27-Reference to High Court-Market value of property-Tribunal reducing market value of gift property assessed by Gift Tax Officer-Held, finding of Tribunal does not give rise to question of law. JUDGMENT SHAMEEM HUSSAIN QADRI, J. - By this petition under section 26 of the Gift Tax Act the Commissioner of Gif t Tax, Rawalpindi, has prayed for answer to the following question: "Whether on the facts and in the circumstances of the case the Income-tax Appellate Tribunal was justified in modifying the value of the property in question?" 2. The asp in this case made a gift of bungalow known as Erkin Palace is Murree Road, Rawalpindi, in favour of his wife Mst. sultana Begum and her three children. The Gift Tax Officer assessed the market value the property at Rs.5,40,000 by this order dated 13th Jane 1970. The assessee went in appeal before tae…

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