1986 (7) TMI 192 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Jaipur allowed the appeal of the assessee regarding a gift declared to a minor son of a well-known smuggler. The Tribunal deleted the interest income added to the assessee's income but held the assessee liable to pay gift tax on the alleged gift amount. The Tribunal clarified that its decision should not affect the assessment of the alleged donor, the smuggler, who may be assessed separately.