https://www.taxtmi.com/caselaws?id=69032 Section 4(1)(a) of the Gift-tax Act applies only where property is transferred for consideration that is in fact inadequate on a bona fide assessment, not merely because a higher market value can be notionally computed. On the facts, the transfer of tenanted property by a holding company to its wholly-owned subsidiary for consideration satisfied by issue of shares was supported by valuation material and the intra-group relationship affected the practical significance of the stated value. The deemed gift provision was therefore not attracted, and the gift-tax assessment could not be sustained. en-us Tue, 17 Apr 1990 00:00:00 +0530 Mon, 04 Apr 2011 16:56:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69032 Section 4(1)(a) of the Gift-tax Act applies only where property is transferred for consideration that is in fact inadequate on a bona fide assessment, not merely because a higher market value can be notionally computed. On the facts, the transfer of tenanted property by a holding company to its wholly-owned subsidiary for consideration satisfied by issue of shares was supported by valuation material and the intra-group relationship affected the practical significance of the stated value. The deemed gift provision was therefore not attracted, and the gift-tax assessment could not be sustained. Case-Laws Income Tax Tue, 17 Apr 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69032