https://www.taxtmi.com/caselaws?id=5960 The Supreme Court upheld the High Court's decision in Civil Appeal No. 1164 of 1974, ruling that the disputed Rs. 2 lakhs gift was not valid as there was no evidence of acceptance by the donee, and the amount was used for the family business, not personal purposes. Consequently, the amount could not be excluded from the computation of the Hindu undivided family's wealth. In Civil Appeal No. 1165 of 1974, the Supreme Court also dismissed the appeal regarding the deduction of interest paid in income tax assessment, as the High Court had already determined that the gift was not valid, leading to no basis for the interest deduction. en-us Fri, 23 Jan 1987 00:00:00 +0530 Sun, 30 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5960 The Supreme Court upheld the High Court's decision in Civil Appeal No. 1164 of 1974, ruling that the disputed Rs. 2 lakhs gift was not valid as there was no evidence of acceptance by the donee, and the amount was used for the family business, not personal purposes. Consequently, the amount could not be excluded from the computation of the Hindu undivided family's wealth. In Civil Appeal No. 1165 of 1974, the Supreme Court also dismissed the appeal regarding the deduction of interest paid in income tax assessment, as the High Court had already determined that the gift was not valid, leading to no basis for the interest deduction. Case-Laws Wealth-tax Fri, 23 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5960