https://www.taxtmi.com/caselaws?id=63896 A transfer of property for consideration below market value may attract gift-tax on the undervalue element under section 4(1)(a) of the Gift-tax Act, 1958, and a prior finding on ownership for capital gains purposes does not by itself defeat that liability where the transferor's own conduct and surrounding circumstances show a deemed gift. The Tribunal also held that the correct market value had to be reconsidered because the valuation basis had not been fully examined, so the matter was remanded for fresh determination of market value and consequential computation of tax. en-us Tue, 31 Jul 1984 00:00:00 +0530 Wed, 02 Feb 2011 16:03:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63896 A transfer of property for consideration below market value may attract gift-tax on the undervalue element under section 4(1)(a) of the Gift-tax Act, 1958, and a prior finding on ownership for capital gains purposes does not by itself defeat that liability where the transferor's own conduct and surrounding circumstances show a deemed gift. The Tribunal also held that the correct market value had to be reconsidered because the valuation basis had not been fully examined, so the matter was remanded for fresh determination of market value and consequential computation of tax. Case-Laws Income Tax Tue, 31 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63896