https://www.taxtmi.com/caselaws?id=61571 A transfer was not treated as a deemed gift under section 4(1)(a) of the Gift-tax Act, 1958 because the sale price was supported by genuine distress-sale circumstances. The record showed losses, partner disputes, a disturbed regional market, no ready buyer, and an earlier proposed sale at a higher value that never materialised. The valuation report did not adequately reflect those depressed conditions, so the consideration was accepted as adequate in the circumstances. The gift-tax addition was therefore deleted and the Revenue's challenge failed. en-us Wed, 07 May 2003 00:00:00 +0530 Thu, 13 Jan 2011 13:10:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61571 A transfer was not treated as a deemed gift under section 4(1)(a) of the Gift-tax Act, 1958 because the sale price was supported by genuine distress-sale circumstances. The record showed losses, partner disputes, a disturbed regional market, no ready buyer, and an earlier proposed sale at a higher value that never materialised. The valuation report did not adequately reflect those depressed conditions, so the consideration was accepted as adequate in the circumstances. The gift-tax addition was therefore deleted and the Revenue's challenge failed. Case-Laws Income Tax Wed, 07 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61571