https://www.taxtmi.com/caselaws?id=64894 The Tribunal ruled in favor of the assessee, holding that the gifts made by the HUF were valid and legal. Consequently, the amount of Rs. 49,000 should not have been included in the assessee's net wealth calculation. The inclusion of Rs. 6,520 as interest in the assessee's income was also deemed unwarranted. Therefore, both appeals by the assessee were successful, overturning the decisions of the lower authorities. en-us Thu, 24 Feb 1983 00:00:00 +0530 Fri, 11 Feb 2011 10:25:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64894 The Tribunal ruled in favor of the assessee, holding that the gifts made by the HUF were valid and legal. Consequently, the amount of Rs. 49,000 should not have been included in the assessee's net wealth calculation. The inclusion of Rs. 6,520 as interest in the assessee's income was also deemed unwarranted. Therefore, both appeals by the assessee were successful, overturning the decisions of the lower authorities. Case-Laws Income Tax Thu, 24 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64894