IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE T.R.RAMACHANDRAN NAIR MONDAY, THE 14TH JANUARY 2008 / 24TH POUSHA 1929 ITR.No. 45 of 2000() -------------------- AGAINST THE ORDER IN RA.81/COCH//1997 IN GTA.52/COCH/91 of I.T.A.TRIBUNAL,COCHIN BENCH. .................... APPLICANT: ----------- COMMISSIONER OF GIFT-TAX, COCHIN. BY ADV. SRI.P.K.R.MENON(SR.),SR.COUNSEL FOR IT SRI.GEORGE K. GEORGE, SC FOR IT RESPONDENTS: ------------- AJIT V. SARAF, L/H OF V.G.SARAF, COCHIN. BY ADV. SRI.P.BALACHANDRAN SMT.PREETHA S.NAIR THIS TAX REFERENCE HAVING BEEN FINALLY HEARD ON 14/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR & T.R.RAMACHANDRAN NAIR, JJ. .................................................................... I.T.Reference No.45 of 2000 .................................................................... Dated this the 14th day of January, 2008. JUDGMENT C.N.Ramachandran Nair, J. The question referred pertains to valuation of goodwill while computing gift tax. The Tribunal has followed the Estate Duty valuation order of the Tribunal which is upheld by this court in the connected case NALINI V. SARAF V. CONTROLLER OF ESTATE DUTY (2004) 268 ITR 223. Following the said judgment on referred question No.5, we answer the question referred in this case in favour of the assessee and against the revenue. The I.T.R. is disposed of as above. A copy of this judgment under the seal of the High Court and signature of the Registrar shall be forwarded to the Income Tax Appellate Tribunal, Cochin Bench. C.N.RAMACHANDRAN NAIR Judge T.R.RAMACHANDRAN NAIR Judge pms