https://www.taxtmi.com/caselaws?id=39457 The High Court ruled in favor of the assessee, holding that reassessment under section 147(b) of the Income-tax Act, 1961 was not justified as no income had escaped assessment. The Court disagreed with the Tribunal's conclusion that the gifts were inchoate and incomplete, stating that symbolic delivery through book entries sufficed. The inclusion of interest in the assessee's income was deemed incorrect. The High Court refuted the Tribunal's reliance on its earlier decision and awarded costs to the assessee. en-us Thu, 13 Feb 1975 00:00:00 +0530 Fri, 16 Apr 2010 15:46:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39457 The High Court ruled in favor of the assessee, holding that reassessment under section 147(b) of the Income-tax Act, 1961 was not justified as no income had escaped assessment. The Court disagreed with the Tribunal's conclusion that the gifts were inchoate and incomplete, stating that symbolic delivery through book entries sufficed. The inclusion of interest in the assessee's income was deemed incorrect. The High Court refuted the Tribunal's reliance on its earlier decision and awarded costs to the assessee. Case-Laws Income Tax Thu, 13 Feb 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39457