https://www.taxtmi.com/caselaws?id=68960 Section 4(1)(a) of the Gift-tax Act, 1958 applies only when the revenue establishes that property was transferred otherwise than for adequate consideration and that the facts justify the deeming fiction. A departmental valuation report is only expert evidence of persuasive value and does not, by itself, prove market value or inadequate consideration. On the facts, the transfer was treated as a bona fide business transaction, and no material showed any attempt to evade gift-tax. The mere difference between declared price and valuation was therefore insufficient to treat the excess as a deemed gift, and the gift-tax addition was not sustainable. en-us Fri, 29 Oct 1982 00:00:00 +0530 Mon, 04 Apr 2011 12:10:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68960 Section 4(1)(a) of the Gift-tax Act, 1958 applies only when the revenue establishes that property was transferred otherwise than for adequate consideration and that the facts justify the deeming fiction. A departmental valuation report is only expert evidence of persuasive value and does not, by itself, prove market value or inadequate consideration. On the facts, the transfer was treated as a bona fide business transaction, and no material showed any attempt to evade gift-tax. The mere difference between declared price and valuation was therefore insufficient to treat the excess as a deemed gift, and the gift-tax addition was not sustainable. Case-Laws Income Tax Fri, 29 Oct 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68960