https://www.taxtmi.com/caselaws?id=68757 Initiation of gift-tax proceedings was upheld where the recorded reasons showed material suggesting transfer of shares for inadequate consideration and escapement of taxable value, and those reasons did not need to be repeated in the assessment order. Shares were held to pass on execution and delivery of the transfer deed and share certificates, not on later registration in the company's register. On that date, the small price difference was reasonably explained by an ex-dividend, bulk, no-brokerage sale, so the transaction was not treated as a deemed gift under section 4(1)(a) of the Gift-tax Act. en-us Thu, 24 Apr 2003 00:00:00 +0530 Tue, 19 Jun 2012 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68757 Initiation of gift-tax proceedings was upheld where the recorded reasons showed material suggesting transfer of shares for inadequate consideration and escapement of taxable value, and those reasons did not need to be repeated in the assessment order. Shares were held to pass on execution and delivery of the transfer deed and share certificates, not on later registration in the company's register. On that date, the small price difference was reasonably explained by an ex-dividend, bulk, no-brokerage sale, so the transaction was not treated as a deemed gift under section 4(1)(a) of the Gift-tax Act. Case-Laws Income Tax Thu, 24 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68757