COMMISSIONER OF GIFT TAX Vs. A JAWAHAR PALANIAPPAN

JUDGEMENT

(1.) AFTER having heard counsel at some length and also after having perused the records placed before us by learned counsel for the Revenue. We are satisfied that there are no questions of law which require our consideration and which can be said to have arisen out of the order of the Tribunal.

(2.) ADMITTEDLY, the proceeding against the assessee was initiated long after the completion of the year in which the alleged gift was made, the shares which are said to have been sold for inadequate consideration having been transferred on March 24, 1983. The assessee had not filed any return under the Gift-tax Act for that year and there was no proceeding in respect of the assessee which had culminated in an order under Section 15(3) or 15(1) of the Gift-tax Act. The notice that was issued under Section 16 was only issued on December 10, 1990. That notice could only have been issued under Section 16(1B)(b) of the Act. That provision reads as under :