2000 (11) TMI 86 - HC - Wealth-tax

Summary

The High Court of Madras ruled in favor of the assessee, stating that the gift of Rs. 1,00,000 made to Kannuswamy was a genuine transaction and should not be included in the assessee's net wealth for the assessment year 1977-78. The Tribunal was right in deleting the addition of Rs. 1,00,000 to the net wealth of the assessee.