https://www.taxtmi.com/caselaws?id=8109 Gift-tax on gifts made in the previous year was to be computed at the rates in force on the first day of the relevant assessment year, because the charging provision fastened liability for that assessment year rather than on the date of each gift. The Court treated authorities on wealth-tax liability crystallising on a valuation date as inapplicable, since they did not concern tax computation. It also noted that the provision dealing with rebate for prompt deposit did not govern the rate applicable for final assessment. Accordingly, the assessment was upheld on the basis of the assessment-year rate. en-us Fri, 05 Dec 1969 00:00:00 +0530 Sat, 28 Mar 2009 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8109 Gift-tax on gifts made in the previous year was to be computed at the rates in force on the first day of the relevant assessment year, because the charging provision fastened liability for that assessment year rather than on the date of each gift. The Court treated authorities on wealth-tax liability crystallising on a valuation date as inapplicable, since they did not concern tax computation. It also noted that the provision dealing with rebate for prompt deposit did not govern the rate applicable for final assessment. Accordingly, the assessment was upheld on the basis of the assessment-year rate. Case-Laws Income Tax Fri, 05 Dec 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8109