https://www.taxtmi.com/caselaws?id=29034 The High Court upheld the Tribunal's decision, ruling in favor of the Revenue regarding the validity of the gift made by the assessee to his wife for the assessment years 1967-68, 1968-69, and 1969-70. The court emphasized the lack of tangible evidence supporting the gift and rejected the argument that book entries alone constituted a valid gift. The court also dismissed the assessee's claim that the Income-tax officer was debarred from challenging the gift's validity based on previous assessments. The judgment underscores the importance of concrete evidence and legal formalities in establishing the validity of gifts for tax purposes. en-us Thu, 24 Sep 1981 00:00:00 +0530 Wed, 10 Mar 2010 13:25:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29034 The High Court upheld the Tribunal's decision, ruling in favor of the Revenue regarding the validity of the gift made by the assessee to his wife for the assessment years 1967-68, 1968-69, and 1969-70. The court emphasized the lack of tangible evidence supporting the gift and rejected the argument that book entries alone constituted a valid gift. The court also dismissed the assessee's claim that the Income-tax officer was debarred from challenging the gift's validity based on previous assessments. The judgment underscores the importance of concrete evidence and legal formalities in establishing the validity of gifts for tax purposes. Case-Laws Income Tax Thu, 24 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29034