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of <h1>High Court rules in favor of assessee in asset transfer case, finding consideration adequate</h1> <h3>Commissioner Of Gift-Tax Versus Nelson And Co.</h3> Commissioner Of Gift-Tax Versus Nelson And Co. - [2000] 245 ITR 347, 116 TAXMANN 206 The High Court of Madras ruled in favor of the assessee in a case involving the transfer of assets from a firm to a company owned by the same partners. The court held that the consideration for the transfer was adequate and not undervalued, rejecting the Revenue's argument. The court referred to a previous case and emphasized that adequacy of consideration should be determined based on all circumstances, not just market value. The court awarded costs of Rs. 1,000 to the assessee.
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