https://www.taxtmi.com/caselaws?id=152948 For gift-tax purposes, a valuation report obtained under section 15(6) could not be treated as material to reopen or shift a deemed gift into assessment year 1993-94 when the underlying sale transaction had already been assessed to capital gains in assessment year 1992-93. Because the transaction was found to have occurred in the earlier previous year and tax had already been levied and paid, there was no basis to characterise the same transaction again in a later assessment year as an escaped deemed gift. The defect was substantive, not merely procedural, since it affected the very assessment year and the validity of the reopening basis. en-us Mon, 10 Sep 2007 00:00:00 +0530 Sat, 13 Jul 2013 13:33:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=152948 For gift-tax purposes, a valuation report obtained under section 15(6) could not be treated as material to reopen or shift a deemed gift into assessment year 1993-94 when the underlying sale transaction had already been assessed to capital gains in assessment year 1992-93. Because the transaction was found to have occurred in the earlier previous year and tax had already been levied and paid, there was no basis to characterise the same transaction again in a later assessment year as an escaped deemed gift. The defect was substantive, not merely procedural, since it affected the very assessment year and the validity of the reopening basis. Case-Laws Income Tax Mon, 10 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=152948