1998 (3) TMI 42

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....nsideration at the instance of the Revenue relating to the assessee's assessment year 1975-76 reads as under: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in cancelling the reassessment made under section 16(1)(b) in the assessee's case as not valid ?" The assessee is an individual who made a gift of 2 000 shares of Sundaram Industries Limited on March ....

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....ssessment. The Commissioner of Income-tax as well as the Tribunal came to the conclusion that the reopening of assessment under section 16(1)(b) of the Gift-tax Act was not warranted and that there was no escapement of gift-tax on the part of the assessee. The Tribunal after following its earlier decision in the case of Nalini Srinivasan held that there was no escapement of gift. The earlier order....