https://www.taxtmi.com/caselaws?id=70091 The Tribunal held that the market value of gifted shares should not be reduced by gift-tax liability reimbursed by donees. The decision in CGT v. Muthukumaraswamy Mudaliar was deemed binding, rejecting the argument that gift-tax paid by donees could be considered as consideration. The revenue's appeal was allowed, restoring the valuation made by the Gift-tax Officer. en-us Mon, 16 Feb 1987 00:00:00 +0530 Thu, 14 Apr 2011 12:27:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70091 The Tribunal held that the market value of gifted shares should not be reduced by gift-tax liability reimbursed by donees. The decision in CGT v. Muthukumaraswamy Mudaliar was deemed binding, rejecting the argument that gift-tax paid by donees could be considered as consideration. The revenue's appeal was allowed, restoring the valuation made by the Gift-tax Officer. Case-Laws Income Tax Mon, 16 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70091