Supreme Court · 1979 INSC 260 · Decided 5 December 1979
Commissioner of Gift Tax, Bombay ETC. v. SMT. Kusumben D. Mahadevia ETC.
- Court
- Supreme Court of India
- Citation
- 1979 INSC 260 · [1980] 2 S.C.R. 357
- Case number
- CIVIL APPEAL No. 129/1976
- Decided
- 5 December 1979
- Bench
- P.N. BHAGWATI, R.S. PATHAK (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
Headnote
COMMISSIONER OF GIFT TAX, BOMBAY ETC. I'. SMT. KUSUMBEN D. MAHADEVIA ETC. December 5, 1979 JP. N. BHAGWATI AND R. S. PATHAK, JJ.J Gift Tax and Wealth Tax Act-The Tribunal refused to refer the case to the High Court and the High Court refused to call for reference on the ground that the question assessee company, which was an invest­ ment company, valued its shares by applying the profit earning method of valua­ tidn of shares without making any adjustment in the profits of the company. The Gift Tax and '\'ealth Tax Officers did not accept this method and valued che shares by
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