IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION GIFT GIFT GIFT TAX APPEAL NO.785 OF 2007 TAX APPEAL NO.785 OF 2007 TAX APPEAL NO.785 OF 2007 The Commissioner of Income Tax-21 Mumbai ... Appellant Vs. Ms.Forrah Kabir Mitha ... Respondent Mr.Vimal Gupta for Appellant None for Respondent CORAM CORAM CORAM : Dr.S.Radhakrishnan and : Dr.S.Radhakrishnan and : Dr.S.Radhakrishnan and A.V.Nirgude, A.V.Nirgude, A.V.Nirgude, JJ JJ JJ DATE DATE DATE : : : 4th July, 2008 4th July, 2008 4th July, 2008 P.C. P.C. P.C. 1. Heard learned counsel for the appellant. None appears for the respondents though served. We have perused the tribunal’s order dt.5.4.2006 wherein para 2 and 3 reads as under : 2. The Ld.Counsel appearing on behalf of the assessee respondent at the outset, submitted that in the case of other share holder, late Shri Rahimtullah Habib Mitha,identical issue has been decided in assessee’s favour as per Order dated 12.01.2006 in GTA No.05/Mum/2003 for the A.Y.90-91. A copy of the Tribunal’s order has been filed. We find that similar addition has been deleted by the Tribunal with the following observation at Para 3 of the order : "As rightly pointed out by the CFT (A) the value for the purpose of Gift tax has to be made as per corresponding Wealth-tax Rules. When the value of the shares is made out on the basis of the Wealth-tax Rules, it is but natural that the value 2 would be less than the sale value reported by the assessee. This procedure is prescribed by the law and there is no alternative to it. Therefore, the CGT (A) was right in holding that there was no amount of deemed gift in the impugned case. Therefore, we find that the appeal filed by the Revenue is liable to be dismissed. Order accordingly. " 2. In view of the same, there is no substantial question of law involved in the above appeal. Appeal stands dismissed. { A.V.Nirgude, J } A.V.Nirgude, J } A.V.Nirgude, J } { Dr.S.Radhakrishnan, J } Dr.S.Radhakrishnan, J } Dr.S.Radhakrishnan, J }