https://www.taxtmi.com/caselaws?id=39587 The High Court ruled against the assessee, determining that the correct assessment year for gifts made on 2nd February 1963 under the Gift-tax Act should be S.Y. 2019, corresponding to the assessment year 1964-65. The Court emphasized the distinction between gifts and income for assessment purposes, clarifying that gifts should not be treated as income. The judgment provides guidance on interpreting the previous year under the Gift-tax Act and highlights the application of relevant provisions in determining assessment years for gifts. en-us Mon, 17 Dec 1973 00:00:00 +0530 Mon, 19 Apr 2010 10:19:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39587 The High Court ruled against the assessee, determining that the correct assessment year for gifts made on 2nd February 1963 under the Gift-tax Act should be S.Y. 2019, corresponding to the assessment year 1964-65. The Court emphasized the distinction between gifts and income for assessment purposes, clarifying that gifts should not be treated as income. The judgment provides guidance on interpreting the previous year under the Gift-tax Act and highlights the application of relevant provisions in determining assessment years for gifts. Case-Laws Income Tax Mon, 17 Dec 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39587