https://www.taxtmi.com/caselaws?id=66369 Deemed gift valuation under the Gift-tax Act requires determination of fair market value through the prescribed valuation mechanism where the Assessing Officer disputes declared sale consideration. Stamp duty valuation alone is not conclusive, particularly where the assessee explains depressed value and no evidence establishes extra consideration, adverse enquiry, or comparable-sale material. Reference to the Valuation Officer is mandatory for determining market value; failure to make that reference prevents adoption of stamp duty value as the sole basis for treating the difference as a deemed gift. en-us Fri, 30 Sep 2005 00:00:00 +0530 Wed, 23 Feb 2011 18:46:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66369 Deemed gift valuation under the Gift-tax Act requires determination of fair market value through the prescribed valuation mechanism where the Assessing Officer disputes declared sale consideration. Stamp duty valuation alone is not conclusive, particularly where the assessee explains depressed value and no evidence establishes extra consideration, adverse enquiry, or comparable-sale material. Reference to the Valuation Officer is mandatory for determining market value; failure to make that reference prevents adoption of stamp duty value as the sole basis for treating the difference as a deemed gift. Case-Laws Income Tax Fri, 30 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66369