https://www.taxtmi.com/caselaws?id=62799 The Appellate Tribunal upheld the lower authorities' decisions, confirming that transfers made by the assessees to their specified relations were not for adequate consideration. The Tribunal emphasized the significant differences between market values and consideration received in the transfers, aligning with legal precedents. Despite arguments for adequate consideration based on legal precedents and valuation methods, the Tribunal ruled in favor of the tax authorities, applying section 64(1) of the Income-tax Act, 1961. The appeals were dismissed, affirming that the transfers did not meet the criteria for adequate consideration as required by the law. en-us Sat, 16 Jul 1983 00:00:00 +0530 Fri, 21 Jan 2011 18:09:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62799 The Appellate Tribunal upheld the lower authorities' decisions, confirming that transfers made by the assessees to their specified relations were not for adequate consideration. The Tribunal emphasized the significant differences between market values and consideration received in the transfers, aligning with legal precedents. Despite arguments for adequate consideration based on legal precedents and valuation methods, the Tribunal ruled in favor of the tax authorities, applying section 64(1) of the Income-tax Act, 1961. The appeals were dismissed, affirming that the transfers did not meet the criteria for adequate consideration as required by the law. Case-Laws Income Tax Sat, 16 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62799