https://www.taxtmi.com/caselaws?id=55159 The Tribunal reversed the AAC's decision and upheld the inclusion of the value of gifted property in wealth-tax assessments, regardless of whether the transferred asset remained in its original form or was converted into other assets. The Tribunal found the AAC's interpretation of the Bombay High Court judgment to be erroneous, clarifying that the value of the original assets should be considered for assessments. Consequently, the Tribunal allowed the revenue's appeal, overturning the AAC's decision for all five assessment years and reinstating the orders of the WTO. en-us Sat, 28 Aug 1982 00:00:00 +0530 Wed, 24 Nov 2010 11:23:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55159 The Tribunal reversed the AAC's decision and upheld the inclusion of the value of gifted property in wealth-tax assessments, regardless of whether the transferred asset remained in its original form or was converted into other assets. The Tribunal found the AAC's interpretation of the Bombay High Court judgment to be erroneous, clarifying that the value of the original assets should be considered for assessments. Consequently, the Tribunal allowed the revenue's appeal, overturning the AAC's decision for all five assessment years and reinstating the orders of the WTO. Case-Laws Income Tax Sat, 28 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55159