KUTTY SAHIB Vs. COMMISSIONER OF GIFT-TAX, KERALA
HIGH COURT OF KERALA
Commissioner Of Gift -Tax, Kerala
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(1.) This is a reference under section 26(1) of the Gift-tax Act, 1958. The assessment year is 1958-59; and the question referred is :
"Whether, in the absence of any mention in the gift deed itself, the assessee is entitled to the deduction of Rs. 28,163 in the evaluation of the gift for the purposes of levy of gift tax ?"
(2.) The gift tax was made by the assessee on January 8, 1958. The document itself is not before us; but there is no doubt that the Tribunal has proceeded on the assumption that the property covered by the gift deed was charged with two liabilities : one, in respect of a kuri transaction of the assessee with the Catholic Syrian Bank Limited, Trichur, and another, in respect of an overdraft account of the assessee with the said bank.
(3.) The statement of the case puts the total of the two liabilities at Rs. 28,163. Annexure "B to the statement of the case is a certificate from the Catholic Syrian Bank Limited to the effect that the liability in respect of the kuri transaction was Rs. 22,000 on the date of the gift. It must follow that the liability in respect of the overdraft account on that date was Rs. 6,163.;
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