1998 (2) TMI 45 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessees in a batch of tax cases under the Gift-tax Act, 1958. The court held that the Gift-tax Officer cannot reassess based on a different valuation method if the assessees used a recognized method initially. The Appellate Tribunal's decision was upheld, stating there was no deemed gift. The court answered the questions of law in favor of the assessees, awarding them costs of Rs. 750.