SHRI DHARAMSHIBHAI B. SHAH, ANAND V. THE ITO, WARD -2, ANAND

ITA 1229/AHD/2003

• Counselvise Citation: [2009] 115 COUNSELVISE.COM (IT) 0319 (ITAT-AHMEDABAD)
• Duration Of Justice: 6 year(s) 6 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-10-2009
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 05-12-2008
• Assessment Year: 1995-1996
• Appeal Filed On: 27-03-2003
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: B S GEHLOT
• Keywords: Gift; Difference of opinion; Set aside

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH AHMEDABAD (BEFORE S/SHRI T. K. SHARMA, JM AND P. K. BANSAL, A M) ITA NO. 1229/AHD/2003 AND GIFT TAX APPEAL NO.2/AHD/2005 A. Y.: 1995-96 SHRI DHARAMSHIBHAI B. SHAH, C/O. OSWAL MACHINERY & EQUIPMENT CO., 143/B, GIDC, VITHAL UDYOG NAGAR, DIST. ANAND PA NO. 31-054 PT 9390 VS THE INCOME TAX OFFICER, WARD 2, AAYAKAR BHAVAN, BHAVNAGAR (APPELLANT) (RESPONDENT) APPELLANT BY SHRI TUSHAR P. HEMANI, AR RESPONDENT BY SHRI B. S. GEHLOT, DR O R D E R PER P. K. BANSAL: IT WAS IN CONSEQUENCE UPON DIFFERENCE OF OPINION BETWEEN THE MEMBERS CONSTITUTING AHMEDAB AD BENCH-B, AHMEDABAD IN GIFT TAX APPEAL NO.2/AHD/2005 THAT THE FOLLOWING QUESTION WAS GOT REFERRED TO FOR THE OPINION OF THE LEARNED THIRD MEMBER, SHRI R. V. EASWAR, VICE-P RESIDENT (THROUGH THE HONBLE PRESIDENT, ITAT): WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE CASE , THE ORDER OF THE AO U/S. 15(3) R/W SECTION 16 OF TH E GIFT TAX ACT, 1958, PROPOSING GIFT TAX ON A SUM OF RS.60,14,109/- BE QUASHED OR IT MAY BE HELD THAT PROVISIONS CONTAINED IN SECTION 4(1) (A) OF THE GIF T TAX ACT WERE RIGHTLY INVOKED BY THE AO AND T4HE MATTER SHOULD BE REMANDED BACK TO THE AO FOR COMPUTING THE VALUE OF GIFT ON THE DATE OF GIFT I.E . 12.4.1994 IN THE MANNER LAID DOWN IN SCHEDULE-II IN THE GIFT TAX ACT, 1958? 2 THE HONBLE THIRD MEMBER SHRI R. V. EASWAR, VICE- PRESIDENT VIDE HIS ORDER DATED 02-09-2009 HAS NOW E XPRESSED ITA NO.1229/AHD/2003 AND GTA NO.2/AHD/2005 SHRI DHARMSHIBHAI B. SHAH 2 HIS OPINION WHEREBY HE HAS AGREED WITH THE VIEW TAK EN BY THE LEARNED ACCOUNTANT MEMBER IN RESPECT OF THE AFORESA ID QUESTION THAT THERE IS NO DEEMED GIFT WITHIN THE ME ANING OF SECTION 4(1) (A) OF THE GIFT TAX ACT AND THEREFORE ANSWERED THE POINT OF DIFFERENCE BY HOLDING THAT THE ASSESSMENT ORDER MADE UNDER THE GIFT TAX ACT IMPOSING GIFT TAX ON A SUM O F RS.60,14,409/- SHOULD BE SET ASIDE. 3. IN THE RESULT, THE APPEAL IN GTA NO.2/AHD/2005 S TANDS ALLOWED WHILE THE APPEAL IN ITA NO.1229/AHD/2003 ST ANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT TODAY ON 9.10.09 SD/- SD/- (T. K. SHARMA) JUDICIAL MEMBER (P. K. BANSAL) ACCOUNTANT MEMBER DATE : 09-10-09 LAKSHMIKANT/- COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT CONCERNED 4. THE CIT(A) CONCERNED 5. THE DR, ITAT, AHMEDABAD 6. GUARD FILE BY ORDER D Y. REGISTRAR, ITAT, AHMEDABAD