1998 (3) TMI 42 - HC - Income Tax

Summary

The High Court of Madras considered a case involving reassessment of gift tax on shares. The court upheld the decision to cancel the reassessment, stating that if shares were valued using a recognized method, reassessment based on a different method yielding a higher value is not warranted. The court ruled in favor of the assessee, citing a previous decision. The Revenue did not challenge this ruling.