https://www.taxtmi.com/caselaws?id=15536 The court upheld the validity of gifts made by the karta of a Hindu undivided family to coparceners/near relations, emphasizing that once accepted in gift-tax proceedings, income tax authorities cannot challenge them. It ruled in favor of the assessee, stating that interest income on gifted amounts should not be included in the assessee's income. The court also excluded share income from the assessee's total income, basing its decision on the acceptance of gifts in gift-tax proceedings. Consequently, all questions were resolved in favor of the assessee, and the references were disposed of accordingly. en-us Mon, 22 Feb 1999 00:00:00 +0530 Tue, 25 Aug 2009 17:45:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15536 The court upheld the validity of gifts made by the karta of a Hindu undivided family to coparceners/near relations, emphasizing that once accepted in gift-tax proceedings, income tax authorities cannot challenge them. It ruled in favor of the assessee, stating that interest income on gifted amounts should not be included in the assessee's income. The court also excluded share income from the assessee's total income, basing its decision on the acceptance of gifts in gift-tax proceedings. Consequently, all questions were resolved in favor of the assessee, and the references were disposed of accordingly. Case-Laws Income Tax Mon, 22 Feb 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15536