https://www.taxtmi.com/caselaws?id=69116 The Appellate Tribunal upheld the decision to delete Rs. 10,000 interest income for 1977-78, as it was already assessed in 1976-77. Additionally, the Tribunal affirmed the deductibility of gift-tax liability as a debt for assessment years 1972-73 and 1974-75, rejecting the revenue's challenge. The Tribunal emphasized that gift-tax liability arises at the time of the gift, not when the assessment is quantified later. Overall, the Tribunal dismissed the departmental appeals, providing a thorough analysis based on legal principles to resolve the disputes fairly. en-us Fri, 26 Mar 1982 00:00:00 +0530 Tue, 05 Apr 2011 12:33:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69116 The Appellate Tribunal upheld the decision to delete Rs. 10,000 interest income for 1977-78, as it was already assessed in 1976-77. Additionally, the Tribunal affirmed the deductibility of gift-tax liability as a debt for assessment years 1972-73 and 1974-75, rejecting the revenue's challenge. The Tribunal emphasized that gift-tax liability arises at the time of the gift, not when the assessment is quantified later. Overall, the Tribunal dismissed the departmental appeals, providing a thorough analysis based on legal principles to resolve the disputes fairly. Case-Laws Income Tax Fri, 26 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69116