https://www.taxtmi.com/caselaws?id=62332 A settlement deed conveying 33 cents of land was treated as the operative transfer, because the later rectification deed, executed after gift-tax proceedings had begun, was not accepted as reflecting the original transaction. The transfer to the assessee's wife was held not to be a deemed gift, since the deed reserved the assessee's life interest and residence rights for himself and the children, and the transferee's contribution to construction was recognised on record. On that basis, the transfer was not without adequate consideration, so the deeming fiction under the Gift-tax Act, 1958 did not apply and the gift-tax addition could not survive. en-us Wed, 08 Aug 2007 00:00:00 +0530 Wed, 19 Jan 2011 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62332 A settlement deed conveying 33 cents of land was treated as the operative transfer, because the later rectification deed, executed after gift-tax proceedings had begun, was not accepted as reflecting the original transaction. The transfer to the assessee's wife was held not to be a deemed gift, since the deed reserved the assessee's life interest and residence rights for himself and the children, and the transferee's contribution to construction was recognised on record. On that basis, the transfer was not without adequate consideration, so the deeming fiction under the Gift-tax Act, 1958 did not apply and the gift-tax addition could not survive. Case-Laws Income Tax Wed, 08 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62332