Commissioner of Gift Tax v. Sultan Singh (Deceased)

% 23.07.2008 Present: Ms. Prem Lata Bansal, Advocate for the Appellant. Mr. Vineet Bhatia, Advocate for the Respondent. + GTA No. 5/2007 * This appealpertainsto the assessmentyear 1996-97.The facts are that the assessee sold the house No. 76, Block C-1, Wazirpur Residential Scheme, Phase-II, Delhi, for a sum of Rs. 8.00 lacs to one Smt. Jai Devi on 25.09.1995. According to the revenue, the fair market value of the same on the date of the sale was Rs. 22,60,000/- and consequently,the AssessingOfficertookthe differencebetween such value which had been determined by the Valuation Officer and the value shownby the assesseeas a deemed gift in the hands of the assessee. This conclusion of the Assessing Officer was upheld by the Commissioner of Gift Tax (Appeals). However, the Income Tax AppellateTribunal has agreed with the assessee and set aside the orders passed by the authorities below. The conclusion arrived at by the Income Tax Appellate Tribunal is based on the consideration that as regards the deemed gift, the returning of the AssessingOfficer must return a finding as to the inadequacy of considerationwhich is a pre-condition for Certify that the digital file and physical file have been compared and the digital data is as per the physical file and no page is missing. r % invoking Section 4 (1) (a) of the Gift Tax Act, 1958. The tribunal concluded that there was material to show that there was inadequacyof consideration.Consequently,the finding with regard to the deemed gift was set aside. The tribunal also noted that the registered/ approvedvaluer's reporthad also not been discussedby the authorities below and was summarily rejected without any reason. We are of the view that this is a finding which is a pure finding of fact. No substantial question of law arises for our consideration. This appeal is dismissed. July 23, 2008 mk BADAR DURREZ AHMED, J RAJIV SHAKDHER, J