High Court ruling: Understanding deemed gift concept in sales

The High Court of Madras dismissed the appeal, emphasizing that a broad perspective is necessary to ascertain a deemed gift. It was held that a deemed gift occurs when a vendor knowingly sells a valuable item at a significantly reduced price to benefit the buyer.

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The High Court of Madras dismissed the appeal, stating that a broad view should be taken to determine if a gift is deemed. The conclusion of a deemed gift arises only when the vendor consciously sells a valuable thing at a much lesser value to favor the buyer.

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