https://www.taxtmi.com/caselaws?id=67473 A transfer of plots to a partnership firm was examined for gift-tax implications, but the disclosed value supported by a registered valuer's report was accepted because the Gift-tax Officer did not follow the statutory procedure for disputing that valuation. Where dissatisfied, the officer was required under section 15(6) to make a proper reference to the Valuation Officer and comply with the prescribed process; reliance on an earlier wealth-tax valuation and non-observance of Board instructions was insufficient. The higher valuation was therefore rejected, the plots were to be valued at Rs. 82,000, and no deemed gift arose from inadequate consideration. en-us Fri, 31 May 1991 00:00:00 +0530 Thu, 10 Mar 2011 17:34:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67473 A transfer of plots to a partnership firm was examined for gift-tax implications, but the disclosed value supported by a registered valuer's report was accepted because the Gift-tax Officer did not follow the statutory procedure for disputing that valuation. Where dissatisfied, the officer was required under section 15(6) to make a proper reference to the Valuation Officer and comply with the prescribed process; reliance on an earlier wealth-tax valuation and non-observance of Board instructions was insufficient. The higher valuation was therefore rejected, the plots were to be valued at Rs. 82,000, and no deemed gift arose from inadequate consideration. Case-Laws Income Tax Fri, 31 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67473