Law: Gift Tax Act, 1958

Section: 15,15(3),

Law: Evidence Act, (1 of 1872)

Section: 114

(a) Gift Tax Act (XIV of 1963)---S. 15(3)--Stamp Act (II of 1899)--Gift-tax--Market value of property--Gift--tax Officer while determining market value of property in dispute allowing himself to be influenced by what he observed notorious practice' of people to understate sale price for saving taxes-Observations of Gift-tax Officer, held, was a misdirection which influenced estimated market value of property--Although it was for the Gift-tax Officer to determine market value of t: particular property but he should evolve some basis for it and he could not rely upon merely an alleged 'notorious practice' unless it was substantiated with relevant statistics collected from various Tax Departments which could not be ignored without any concrete reason. (b) Evidence Act (I of 1872)-- --S. 114--Gift-tax Act (XIV of 1963) S: 15(3)--Public functioning, acts of--Presumption of performing such acts honestly--Presumption of law, held, was that unless there was evidence to contrary an officer who discharged any function or duty under a statute did so honestly and to best of his capability. (c) Gift Tax Act (XIV of 1963)-- ---S 15(3)--Income-tax Ordinance (XXXI of 1979)--Gift-tax or Income-tax Officers, held, should refrain from making uncalled for or whimsical allegations against officials of other Departments while determining market value themselves. (d) Gift Tax Act (XIV of 1963)--- ------S. 15(3)--Gift-tax--Market value of property- Commissioner of Income-tax (Appeals) finding estimated value arrived at by Gift-tax Officer as very excessive and arbitrary., and admitting that parallel case relied upon by Gift-tax Officer was not. applicable under facts and circumstances of the case and House in question built twenty-five years ago, lying .In dilapidated condition required huge amount to make it inhabitable--By necessary implication it appeared that sale price arrived lit by officers below could be on higher side--Market value of property as mentioned in sale deed, accepted in circumstances. ORDER FARHAT ALI KHAN (MEMBER).--This appeal is directed against the order of learned Commissioner of Income-tax (Appeals) recorded by him on 10th April, 1982- in I.T.A. No.…

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