The Gift-Tax Act, 1958
15. Assessment.
- If the Gift-tax Officer is satisfied without requiring the
presence of the assessee or the production by him of any evidence that a return
made under section 13 or section 14 2 [is correct and complete], he shall
assess the value of the taxable gifts made by the assessee 3[and determine the
amount of gift-tax payable by him or the amount refundable to him on the basis
of such return].
- If the Gift-tax Officer is not so satisfied, he shall serve a notice on the assessee either to attend in person at his office on a date to be specified in
the notice or to produce or cause to be produced on that date any evidence on
which the assessee may rely in support of his return.
- The Gift-tax Officer, after
hearing such evidence as the person may produce and such other evidence as he
may require on any specified points 4[and after taking into account all
relevant material which the Gift-tax Officer has gathered] shall, by order in
writing,
- Ins. by Act 53 of 1962, s. 11 (w.e.f. 1-4-1963).
- Subs. by s. 12, ibid., for " is complete " (w.e.f, 1-4-1963).
- Subs. by s. 12, ibid.. for "and determine the amount Payable by him as
gift-tax " (w.e.f. 1-4-1963).
- Ins. by s. 12. ibid. (w.e.f. 1-4-1963).
- Subs. by Act 41 of 1975, s. 111 (w.e.f. 1-4-76).
878.assess the value of taxable gifts made by the assessee and determine the
amount payable by him as gift-tax.
- For the purpose of making an assessment under this Act, the
Gift-tax Officer may serve on any person who has made a return under
sub-section (1) of section 13 or section 14, or upon whom a notice has been
served under sub-section (2) of section 13, a notice requiring him to produce
or cause to be produced on a date specified in the notice such accounts,
records or other documents as the Gift-tax
Officer may require.
- If any person fails to make a
return in response to any notice under sub-section (2) of section 13 or fails
to comply with the terms of any notice issued under sub-section (2) or
sub-section (4), the Gift-tax Officer 1[after taking into account all relevant
material which he has gathered] shall estimate the value of taxable gifts to
the best of his judgment and determine the amount payable by the person as
gift-tax.
- Notwithstanding anything
contained in section 6, for the purpose of making an assessment under this
Act, the Gift-tax Officer may refer to a Valuation Officer the valuation of
any property transferred by way of gift-
- in a case where, the value of the property as returned is in accordance with
the estimate made by a registered valuer, if the Gift-tax Officer is of
opinion, that the value so returned is less than its fair market value;
- in any other case, if the
Gift-tax Officer is of opinion-
- that the fair market value of the property exceeds the value of the property
as returned by more than such percentage of the value. Of the property as
returned or by more than such amount as may be prescribed in this behalf ; or
- that having regard to the nature of the property and other relevant
circumstances, it is necessary so to do;and where any such references is made the provisions of sub-sections(2), (3), (4), (5) and (6) of section 16A clauses (ha) and (i) of sub-section
(1) and sub-sections (3A) and (4) of section 23, sub-section (5) of section 24 section 34AA, section 35 and section 37 of the
Wealth-tax Act, 1957, shall @with the necessary modifications, apply in relation
to such reference as they apply in relation to a reference made by the
Wealth-tax Officer under sub-section (1) of section 16A of that Act.
Explanation-In this sub-section, "Valuation Officer" has the same
meaning as. in clause (r) of section 2 of @the Wealth-tax Act, 1957]
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