https://www.taxtmi.com/caselaws?id=69701 The Appellate Tribunal ITAT Madras-B upheld the decision to delete a sum of Rs. 26,667 from the deceased's estate valuation under s. 9 of the Estate Duty Act. The Tribunal determined that the transaction involving the deceased surrendering interest in a firm to his sister's son did not qualify as an immediate gift under the Act due to the commercial nature and lack of gifting elements. The Revenue's appeal was dismissed, affirming that the transaction did not meet the criteria for a gift under the Estate Duty Act. en-us Thu, 27 Jul 1978 00:00:00 +0530 Mon, 11 Apr 2011 16:28:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69701 The Appellate Tribunal ITAT Madras-B upheld the decision to delete a sum of Rs. 26,667 from the deceased's estate valuation under s. 9 of the Estate Duty Act. The Tribunal determined that the transaction involving the deceased surrendering interest in a firm to his sister's son did not qualify as an immediate gift under the Act due to the commercial nature and lack of gifting elements. The Revenue's appeal was dismissed, affirming that the transaction did not meet the criteria for a gift under the Estate Duty Act. Case-Laws Income Tax Thu, 27 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69701