1993 (8) TMI 7 - HC - Income Tax

Summary

The court held that the amount of Rs. 28,250, representing the difference between the document price and the market value, is not assessable as a deemed gift under the Gift-tax Act. The Tribunal's decision was based on the wealth-tax assessment order, which showed that the amount had been received by the assessee. Therefore, the court ruled in favor of the assessee, with no costs awarded.