https://www.taxtmi.com/caselaws?id=69739 Where property allotted on partition is under the assessee's absolute control, a subsequent transfer by gift is a valid disposition of owned property and is liable to gift tax; the plea that the assets were ancestral or family property did not defeat taxability. The valuation adopted for gift-tax purposes was also upheld because the declared figure had been accepted for registration and no reliable evidence showed a lower market value. In the absence of credible material to displace the assessment, both the validity of the gift and the valuation were sustained against the assessee. en-us Sat, 22 Mar 1980 00:00:00 +0530 Mon, 11 Apr 2011 18:15:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69739 Where property allotted on partition is under the assessee's absolute control, a subsequent transfer by gift is a valid disposition of owned property and is liable to gift tax; the plea that the assets were ancestral or family property did not defeat taxability. The valuation adopted for gift-tax purposes was also upheld because the declared figure had been accepted for registration and no reliable evidence showed a lower market value. In the absence of credible material to displace the assessment, both the validity of the gift and the valuation were sustained against the assessee. Case-Laws Income Tax Sat, 22 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69739