1982 (11) TMI 88 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Madras-B dismissed the departmental gift-tax appeal for the assessment year 1971-72. The appeal was regarding the addition of Rs. 48,000 spent by the assessee individual on renovating HUF houses, which was cancelled by the AAC. The Tribunal agreed with the AAC's reasoning that the expenditure was personal and did not constitute a transfer for gift-tax purposes.