- (1.) This appeal by special leave arises from the decision of the high court of Calcutta in Gift Tax Matter No. 286 of 1963 on its file. It relates to the gift tax assessment for 1958-59. In that case several questions were referred to the High court by the Income-tax Appellate tribunal, 'a' bench, Calcutta. But at present we are only concerned with question No. 1 (a) which reads: "Whether, on the facts and in the circumstances of the case, in determining the break up value of the shares of M/s. Indra Singh and sons Pvt. Ltd. as on 31/03/1958, the tribunal was justified in not avowing any deduction for the following amounts: (A) estimated tax liability amounting to Rs. 9,50,000. 00 which was not provided for in the balance-sheet. "
(2.) It appears that Counsel for the parties conceded before the High court that that question was covered by the decision of this court in Kesoramindustries and Cotton Mills Ltd. v. Commissioner of Wealth-tax (Central) Calcutta. On the basis of that concession, the High court answered that question in favour of the assessee.
(3.) Before us, it was urged on behalf of the Revenue that the concession made before the High court was an erroneous one and the decision of this court in Kesoram Industries' case (supra) does not bear on the issue arising for decision.;