https://www.taxtmi.com/caselaws?id=10761 Proceedings under section 16(1) of the Gift-tax Act could not be validly initiated where the only basis was an internal audit party's opinion on a pure question of law. The audit note treated retirement of the assessee without charging goodwill as giving rise to a deemed gift, but such a legal view did not amount to information enabling the assessing authority to assume jurisdiction. The reopening was therefore without jurisdiction and invalid, with the reference answered in favour of the assessee. en-us Wed, 15 Sep 2004 00:00:00 +0530 Fri, 24 Jul 2009 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10761 Proceedings under section 16(1) of the Gift-tax Act could not be validly initiated where the only basis was an internal audit party's opinion on a pure question of law. The audit note treated retirement of the assessee without charging goodwill as giving rise to a deemed gift, but such a legal view did not amount to information enabling the assessing authority to assume jurisdiction. The reopening was therefore without jurisdiction and invalid, with the reference answered in favour of the assessee. Case-Laws Income Tax Wed, 15 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10761