1997 (1) TMI 143 - AT - Income Tax

Summary

The appeals were based on identical facts and common grounds. The revenue appealed against the CIT(A)'s decision regarding the valuation of shares and a gift made by a HUF karta. The ITAT directed the Assessing Officer to re-calculate the share value following Supreme Court decision. The ITAT held that a gift of HUF assets to a third party is void, and the decision of the CIT(A) was set aside, restoring the Assessing Officer's order. The appeals filed by the revenue were allowed.