1980 (1) TMI 116 - AT - Income Tax

Summary

The ITAT Chandigarh upheld the AAC's decision to delete interest payment additions on gifts of Rs. 10,000 each to daughters Anupama Sanwalka and Meenu Sanwalka, citing the authority of a Full Bench Judgment. The Tribunal dismissed the Revenue's appeal, stating that the interest payments could not be added to the assessment as the gifts were valid.