https://www.taxtmi.com/caselaws?id=11331 Reopening under the Gift-tax Act was held unjustified where the assessee had fully and truly disclosed the sale of agricultural land and all material facts in the income-tax proceedings, the explanation was accepted, and no addition was made in the original assessment. The court held that a later attempt to re-estimate the same transaction as a deemed gift under section 4(1)(a) could not sustain reassessment beyond four years under section 16(1)(a) merely on the basis of a higher valuation. The reassessment was therefore not sustainable and relief was granted to the assessee. en-us Tue, 08 Apr 2003 00:00:00 +0530 Thu, 06 Aug 2009 19:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11331 Reopening under the Gift-tax Act was held unjustified where the assessee had fully and truly disclosed the sale of agricultural land and all material facts in the income-tax proceedings, the explanation was accepted, and no addition was made in the original assessment. The court held that a later attempt to re-estimate the same transaction as a deemed gift under section 4(1)(a) could not sustain reassessment beyond four years under section 16(1)(a) merely on the basis of a higher valuation. The reassessment was therefore not sustainable and relief was granted to the assessee. Case-Laws Income Tax Tue, 08 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11331