1993 (1) TMI 20 - HC - Income Tax

Summary

The High Court of Gujarat ruled in a case referred by the Income-tax Appellate Tribunal regarding the application of gift-tax and capital gains tax. Questions 2, 3, and 4 were answered in favor of the assessee based on the Supreme Court decision in K. P. Varghese v. ITO [1981] 131 ITR 597. As a result, question 1 was not answered, and the reference was disposed of with no costs.