https://www.taxtmi.com/caselaws?id=24912 Where the validity and effect of a gift have already been accepted in final proceedings before the Land Board, the taxing authority cannot ignore that final determination and treat the transferred property as lacking value or as not being an asset in the transferee's hands. On those facts, the Tribunal's view that the gifted property should be excluded from the assessee's net wealth was unsustainable. The property was upheld as includible in the assessee's taxable net wealth, and the contrary view was rejected. en-us Sat, 24 Oct 1987 00:00:00 +0530 Sat, 23 Jan 2010 11:59:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24912 Where the validity and effect of a gift have already been accepted in final proceedings before the Land Board, the taxing authority cannot ignore that final determination and treat the transferred property as lacking value or as not being an asset in the transferee's hands. On those facts, the Tribunal's view that the gifted property should be excluded from the assessee's net wealth was unsustainable. The property was upheld as includible in the assessee's taxable net wealth, and the contrary view was rejected. Case-Laws Income Tax Sat, 24 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24912