https://www.taxtmi.com/caselaws?id=27905 Section 18 of the Gift-tax Act, 1958 entitled an assessee to rebate on advance gift-tax paid, and that credit could not be denied merely because the Gift-tax Officer later revised the valuation or recalculated the assessable amount. The provision operated on payment of tax in advance at the prescribed rate, not on the correctness of the assessee's initial valuation at the payment stage. Following the earlier ruling on the same point, the Madras HC held that a shortfall created by variation in valuation did not defeat the rebate. The assessee was therefore entitled to rebate on the entire advance gift-tax paid. en-us Mon, 27 Jun 1983 00:00:00 +0530 Tue, 16 Feb 2010 17:06:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27905 Section 18 of the Gift-tax Act, 1958 entitled an assessee to rebate on advance gift-tax paid, and that credit could not be denied merely because the Gift-tax Officer later revised the valuation or recalculated the assessable amount. The provision operated on payment of tax in advance at the prescribed rate, not on the correctness of the assessee's initial valuation at the payment stage. Following the earlier ruling on the same point, the Madras HC held that a shortfall created by variation in valuation did not defeat the rebate. The assessee was therefore entitled to rebate on the entire advance gift-tax paid. Case-Laws Income Tax Mon, 27 Jun 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27905