https://www.taxtmi.com/caselaws?id=15505 Reassessment of gift-tax under section 16(1)(b) was invalid where the assessee had valued gifted shares using one recognised valuation method accepted in the original assessment. The Revenue sought reopening only because another recognised method, or a revaluation based on rule 10(2), might produce a higher figure. The Court held that reopening a concluded assessment is not justified merely to substitute a different accepted method of valuation when no escapement of gift-tax is shown. The reassessment was therefore struck down in favour of the assessee. en-us Tue, 31 Mar 1998 00:00:00 +0530 Tue, 25 Aug 2009 16:18:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15505 Reassessment of gift-tax under section 16(1)(b) was invalid where the assessee had valued gifted shares using one recognised valuation method accepted in the original assessment. The Revenue sought reopening only because another recognised method, or a revaluation based on rule 10(2), might produce a higher figure. The Court held that reopening a concluded assessment is not justified merely to substitute a different accepted method of valuation when no escapement of gift-tax is shown. The reassessment was therefore struck down in favour of the assessee. Case-Laws Income Tax Tue, 31 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15505