https://www.taxtmi.com/caselaws?id=25325 The court upheld the decision to include devaluation profits in the valuation of a deemed gift under the Gift-tax Act for the year 1969-70. It rejected the assessee's argument that devaluation profits should be excluded, ruling that such profits were part of trading profits and not exceptional. The court favored the Revenue, affirming that devaluation profits impacted subsequent years and should be considered in valuing the gift. Consequently, the court dismissed the assessee's claim and upheld the assessment, emphasizing that devaluation profits were ordinary and should not be excluded from the total value of the deemed gift. en-us Fri, 10 Jul 1987 00:00:00 +0530 Wed, 27 Jan 2010 18:50:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25325 The court upheld the decision to include devaluation profits in the valuation of a deemed gift under the Gift-tax Act for the year 1969-70. It rejected the assessee's argument that devaluation profits should be excluded, ruling that such profits were part of trading profits and not exceptional. The court favored the Revenue, affirming that devaluation profits impacted subsequent years and should be considered in valuing the gift. Consequently, the court dismissed the assessee's claim and upheld the assessment, emphasizing that devaluation profits were ordinary and should not be excluded from the total value of the deemed gift. Case-Laws Income Tax Fri, 10 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25325