https://www.taxtmi.com/caselaws?id=67920 A declared gift that was actually transferred to the donee could not be treated as a mere protective entry in the donor's hands; if the revenue believed the money belonged to someone else, it had to assess that person directly. On the facts found, the donor remained liable to gift-tax on the declared transfer, and protective gift-tax treatment was not accepted as a substitute for a substantive assessment. However, once the amount was treated as gifted away, notional interest on that sum could not be added to the donor's income unless the principal was first established as his own. The interest addition was therefore deleted. en-us Fri, 18 Jul 1986 00:00:00 +0530 Tue, 15 Mar 2011 17:03:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67920 A declared gift that was actually transferred to the donee could not be treated as a mere protective entry in the donor's hands; if the revenue believed the money belonged to someone else, it had to assess that person directly. On the facts found, the donor remained liable to gift-tax on the declared transfer, and protective gift-tax treatment was not accepted as a substitute for a substantive assessment. However, once the amount was treated as gifted away, notional interest on that sum could not be added to the donor's income unless the principal was first established as his own. The interest addition was therefore deleted. Case-Laws Income Tax Fri, 18 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67920