Law:

Section:

Section 6, read with Schedule II, of the Gift-tax Act, 1958 - Valuation of gift - Whether mode of valuation has been laid down in Second Schedule to Act and there cannot be any doubt whatsoever that said valuation is required to be made strictly in terms thereof - Held, yes - Whether said rules in Schedule II are procedural in nature and partake of character of a rule of evidence and a rule which is procedural in nature, will apply to a pending proceeding also - Held, yes FACTS The petitioner filed the instant writ challenging the valuation of one-third share of its property by the Valuation Officer. HELD It was not in dispute that the valuation of the property which was the subject-matter of gift was required to be done in terms of Schedule II, appended to the Act. Keeping in view the fact that the mode of valuation has been laid down in Schedule II, there cannot be any doubt whatsoever that the said valuation is required to be made strictly in terms thereof. The said rules in Schedule II are procedural in nature and partake of the character of a rule of evidence. A rule, which is procedural in nature, will apply to a pending proceeding also. The respondents admittedly had not valued the property in terms of the said rules in Schedule II. The interest of justice could be sub-served if the instant writ petition was disposed of with a direction that the subject property be valued in terms of rules as contained in Schedule II. Anoop Sharma, R.K. Raghwan and M. Husain for the Petitioner. Sanjeev Khanna and Rajiv Awasthy for the Respondent. JUDGMENT S.B. Sinha, CJ. - The petitioner in this case has questioned the valuation made by the concerned respondents under the provisions of the Gift-tax Act, 1958 ('the Act'). The valuation of the property was made by the second respondent upon issuing a show-cause notice to the petitioner. The proposed valuation of the said property is the subject matter of the writ petition. In view of the order proposed to be passed by us, it is not necessary to state the facts of the case in great details. 2. Suffice to note that the petitioner submitted gift-tax returns for the year 1975-76 including the valuation of his 1/3rd share of…

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