https://www.taxtmi.com/caselaws?id=220504 A reassessment involving revocation of an earlier revocable gift and the treatment of bonus shares had to be examined under Section 4(1)(c) of the Gift Tax Act, 1958, because that deeming provision was central to whether any deemed gift arose in the relevant year. The High Court upheld the reassessment without considering that statutory framework, so the controversy could not be finally determined on the materials before it. The Supreme Court therefore set aside the impugned judgment and remanded the matter to the High Court for de novo consideration on the correct legal basis. en-us Tue, 22 Jan 2013 00:00:00 +0530 Fri, 28 Jun 2013 14:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220504 A reassessment involving revocation of an earlier revocable gift and the treatment of bonus shares had to be examined under Section 4(1)(c) of the Gift Tax Act, 1958, because that deeming provision was central to whether any deemed gift arose in the relevant year. The High Court upheld the reassessment without considering that statutory framework, so the controversy could not be finally determined on the materials before it. The Supreme Court therefore set aside the impugned judgment and remanded the matter to the High Court for de novo consideration on the correct legal basis. Case-Laws Wealth-tax Tue, 22 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220504