IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 26TH AUGUST 2009 / 4TH BHADRA 1931 GTA.No. 3 of 2009() ------------------- GTA.12/COCH/2003 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT ----------------------------- THE COMMISSIONER OF INCOME-TAX, KANNUR. BY ADV. SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES) SRI.JOSE JOSEPH, SC, FOR INCOME TAX RESPONDENT(S): --------------- SHRI.K.MUSTAFA,NATIONAL RADIO ELECTRONICS,TALIPARAMBA. THIS GIFT TAX APPEAL HAVING COME UP FOR ADMISSION ON 26/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C .N. RAMACHANDRAN NAIR & C. K. ABDUL REHIM, JJ. -------------------------------------------- G.T.A. No. 3 OF 2009 -------------------------------------------- Dated this the 26th day of August, 2009 JUDGMENT Ramachandran Nair, J. The question raised is on valuation of gift which is the difference in the sale value and the market value. We find from the Tribunal's order that the Tribunal allowed the assessee's case because the other portions of the building belonged to close relatives and the property sold by the assessee to his daughter cannot fetch a higher market price, as estimated by the department, which again is based on rent capitalisation value. We do not find any question of law arising from the Tribunal's order pertaining to valuation of the building. Consequently the appeal is dismissed. (C.N.RAMACHANDRAN NAIR) Judge. (C. K. ABDUL REHIM) Judge. kk 2