https://www.taxtmi.com/caselaws?id=69937 The Appellate Tribunal ITAT MADRAS-C ruled in favor of the assessee in a case concerning the liability for gift-tax on a coparcener's release deed in an HUF property. The Tribunal held that the order under section 171 of the Income-tax Act 1961, which deemed the HUF to continue for tax purposes, should also apply to gift-tax assessments. By applying the legal fiction consistently, the Tribunal annulled the gift-tax assessment, emphasizing the need for coherence in tax laws and recognizing the HUF's continued existence for tax purposes. en-us Tue, 20 Jul 1982 00:00:00 +0530 Wed, 13 Apr 2011 10:17:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69937 The Appellate Tribunal ITAT MADRAS-C ruled in favor of the assessee in a case concerning the liability for gift-tax on a coparcener's release deed in an HUF property. The Tribunal held that the order under section 171 of the Income-tax Act 1961, which deemed the HUF to continue for tax purposes, should also apply to gift-tax assessments. By applying the legal fiction consistently, the Tribunal annulled the gift-tax assessment, emphasizing the need for coherence in tax laws and recognizing the HUF's continued existence for tax purposes. Case-Laws Income Tax Tue, 20 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69937