https://www.taxtmi.com/caselaws?id=65703 Section 52(1) could not be used to replace the stated sale price with market value absent evidence that more consideration was actually received, so the capital gains addition was deleted. Under section 4 of the Gift-tax Act, a transfer for inadequate consideration gave rise to a deemed gift to the extent of the undervaluation, and the land value was determined on comparable sales and surrounding circumstances with recomputation directed. Penalty under section 17(1)(c) was not leviable because concealment of an actual gift was not established and a deemed gift was not within the penalty provision; the penalty was cancelled. en-us Thu, 19 Jan 1978 00:00:00 +0530 Fri, 18 Feb 2011 14:15:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65703 Section 52(1) could not be used to replace the stated sale price with market value absent evidence that more consideration was actually received, so the capital gains addition was deleted. Under section 4 of the Gift-tax Act, a transfer for inadequate consideration gave rise to a deemed gift to the extent of the undervaluation, and the land value was determined on comparable sales and surrounding circumstances with recomputation directed. Penalty under section 17(1)(c) was not leviable because concealment of an actual gift was not established and a deemed gift was not within the penalty provision; the penalty was cancelled. Case-Laws Income Tax Thu, 19 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65703