Tax-21 Mumbai v. Ms.forrah Kabir Mitha

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTIONGIFT TAX APPEAL NO.785 OF 2007 The Commissioner of IncomeTax-21 Mumbai... AppellantVs.Ms.Forrah Kabir Mitha...Respondent Mr.Vimal Gupta for AppellantNone for Respondent P.C. 1. Heard learned counsel for the appellant. Noneappears for the respondents though served. Wehave perused the tribunal’s order dt.5.4.2006wherein para 2 and 3 reads as under : 2. The Ld.Counsel appearing on behalf ofthe assessee respondent at the outset,submitted that in the case of other shareholder, late Shri Rahimtullah HabibMitha,identical issue has been decided inassessee’s favour as per Order dated12.01.2006 in GTA No.05/Mum/2003 for theA.Y.90-91. A copy of the Tribunal’s orderhas been filed. We find that similaraddition has been deleted by the Tribunalwith the following observation at Para 3of the order : "As rightly pointed out by the CFT (A) thevalue for the purpose of Gift tax has tobe made as per corresponding Wealth-taxRules. When the value of the shares ismade out on the basis of the Wealth-taxRules, it is but natural that the value would be less than the sale value reportedby the assessee. This procedure isprescribed by the law and there is noalternative to it. Therefore, the CGT (A)was right in holding that there was noamount of deemed gift in the impugnedcase. Therefore, we find that the appealfiled by the Revenue is liable to bedismissed. Order accordingly. " 2. In view of the same, there is no substantialquestion of law involved in the above appeal.Appeal stands dismissed. { A.V.Nirgude, J } { Dr.S.Radhakrishnan, J }