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of <h1>Court rules in favor of Revenue Department in gift tax case; Tribunal's valuation reduction overturned.</h1> The High Court of Kerala held that the Tribunal's reduction of the taxable gift value from 20% to 10% was erroneous. The court ruled in favor of the ... Gift Tax The High Court of Kerala ruled that the Tribunal erred in reducing the taxable gift value from 20% to 10%. The court found in favor of the Revenue Department. The case will be forwarded to the Income-tax Appellate Tribunal, Cochin Bench.
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