https://www.taxtmi.com/caselaws?id=15769 Reassessment under section 16(1)(b) of the Gift-tax Act could not be sustained where the original valuation of gifted shares had attained finality and no valid underassessment existed. The court applied the valuation principles of rule 1D of the Wealth-tax Rules to gift-tax valuation and held that the earlier 15 per cent deduction, not challenged by the assessee, could not be reopened merely by adopting a different valuation method. As the foundational condition for reassessment was absent, the reassessment was held invalid. en-us Wed, 05 Nov 1997 00:00:00 +0530 Thu, 27 Aug 2009 15:59:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15769 Reassessment under section 16(1)(b) of the Gift-tax Act could not be sustained where the original valuation of gifted shares had attained finality and no valid underassessment existed. The court applied the valuation principles of rule 1D of the Wealth-tax Rules to gift-tax valuation and held that the earlier 15 per cent deduction, not challenged by the assessee, could not be reopened merely by adopting a different valuation method. As the foundational condition for reassessment was absent, the reassessment was held invalid. Case-Laws Income Tax Wed, 05 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15769