https://www.taxtmi.com/caselaws?id=67155 For invoking deemed gift taxation under section 4(1)(a) of the Gift-tax Act, the Revenue must prove that the property was transferred for inadequate consideration on the basis of a fair and proper enquiry. A mere stamp duty valuation, without material showing that it reflected the true market value on the date of transfer, is insufficient. Where the assessing authority does not independently examine adequacy of consideration, bona fides of the transaction, or any attempt at tax evasion, the transfer cannot be treated as one made without adequate consideration, and no deemed gift is taxable. en-us Mon, 10 Apr 1995 00:00:00 +0530 Wed, 09 Mar 2011 12:54:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67155 For invoking deemed gift taxation under section 4(1)(a) of the Gift-tax Act, the Revenue must prove that the property was transferred for inadequate consideration on the basis of a fair and proper enquiry. A mere stamp duty valuation, without material showing that it reflected the true market value on the date of transfer, is insufficient. Where the assessing authority does not independently examine adequacy of consideration, bona fides of the transaction, or any attempt at tax evasion, the transfer cannot be treated as one made without adequate consideration, and no deemed gift is taxable. Case-Laws Income Tax Mon, 10 Apr 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67155