1998 (9) TMI 31 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee in a Gift-tax Act case for the assessment year 1973-74. The court held that the Revenue failed to prove undervaluation or tax evasion by the assessee in the property transfer. The Tribunal's decision was upheld based on the adequacy of consideration for the transfer. The court referenced previous legal decisions to support its judgment. The burden of proof was on the Revenue, which was not met, leading to the judgment in favor of the assessee.