TaxTMI Login
AI OCR ✕Convert scanned orders, printed notices, PDFs and images into clean, searchable, editable text within seconds. Starting at 2 Credits/page
Try Now →Just a moment...
AI OCR ✕Convert scanned orders, printed notices, PDFs and images into clean, searchable, editable text within seconds. Starting at 2 Credits/page
Try Now →
Press 'Enter' to add multiple search terms. Rules for Better Search
Use comma for multiple locations.
---------------- For section wise search only -----------------
Accuracy Level ~ 90%
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
Issues: Whether a gift made after the appointed date could be saved by the proviso to Section 5(6) of the Uttar Pradesh Imposition of Ceiling on Land Holdings Act, 1960 on the ground that it was for adequate consideration, and what meaning should be given to the expression "adequate consideration".
Analysis: The Act rendered transfers after the appointed date inoperative where the land would otherwise be subject to ceiling. The saving proviso protected only transfers proved to be in good faith, for adequate consideration, and under an irrevocable instrument, excluding benami transactions and transfers for the benefit of the tenure holder or family members. A gift is, by its nature, a transfer without consideration under Section 122 of the Transfer of Property Act, 1882. In the absence of a statutory definition, the expression "adequate consideration" was held to bear its ordinary meaning and to require something more than mere love and affection. The Court treated the tax-law understanding of the phrase as equally applicable, namely that it excludes a transaction resting only on affection.
Conclusion: A gift does not constitute a transfer for adequate consideration, and therefore the saving proviso did not apply. The appeals failed.
Ratio Decidendi: Where a statute requires a transfer to be for "adequate consideration", a transaction made without monetary or equivalent consideration and resting only on love and affection is not protected by that expression.
TaxTMI 
TaxTMI 
