https://www.taxtmi.com/caselaws?id=63477 For invoking deemed gift treatment under section 4(1)(a) of the Gift-tax Act, the revenue must affirmatively prove that the stated sale consideration was false and that the transfer occurred for inadequate consideration on reliable evidence. Corrections in Form No. 34A created suspicion, but there was no statement from the seller or buyers and no independent material to displace the registered sale deed. Stamp-duty valuation also could not by itself establish market value for direct tax purposes, especially for tenanted property with valuation disadvantages. The ambiguous entries in Form No. 34A were not a clear admission, so the deemed gift addition was not sustainable. en-us Wed, 25 Jun 1997 00:00:00 +0530 Mon, 31 Jan 2011 11:50:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63477 For invoking deemed gift treatment under section 4(1)(a) of the Gift-tax Act, the revenue must affirmatively prove that the stated sale consideration was false and that the transfer occurred for inadequate consideration on reliable evidence. Corrections in Form No. 34A created suspicion, but there was no statement from the seller or buyers and no independent material to displace the registered sale deed. Stamp-duty valuation also could not by itself establish market value for direct tax purposes, especially for tenanted property with valuation disadvantages. The ambiguous entries in Form No. 34A were not a clear admission, so the deemed gift addition was not sustainable. Case-Laws Income Tax Wed, 25 Jun 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63477