https://www.taxtmi.com/caselaws?id=66543 A transfer of property cannot be treated as a deemed gift under section 4(1)(a) of the Gift-tax Act merely because the registration authorities adopted a higher value for stamp-duty purposes. The administrative stamp-duty value, without an independent enquiry into the true market value, adequacy of consideration, or bona fides of the transaction, is insufficient to invoke the deeming provision. The Revenue must independently establish that consideration was inadequate or that the transfer lacked bona fides before taxability can arise. On this basis, the difference between the declared consideration and the registration value was not taxable as a gift. en-us Mon, 13 Jul 1992 00:00:00 +0530 Sat, 26 Feb 2011 13:50:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66543 A transfer of property cannot be treated as a deemed gift under section 4(1)(a) of the Gift-tax Act merely because the registration authorities adopted a higher value for stamp-duty purposes. The administrative stamp-duty value, without an independent enquiry into the true market value, adequacy of consideration, or bona fides of the transaction, is insufficient to invoke the deeming provision. The Revenue must independently establish that consideration was inadequate or that the transfer lacked bona fides before taxability can arise. On this basis, the difference between the declared consideration and the registration value was not taxable as a gift. Case-Laws Income Tax Mon, 13 Jul 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66543