https://www.taxtmi.com/caselaws?id=69803 A genuine lease of immovable property at concessional rent may constitute a transfer for inadequate consideration under section 4(1)(a) of the Gift-tax Act, but the taxable event arises on execution or renewal of the lease, not by annualising the concession across intervening years. The gift value must be fixed on a realistic basis from the surrounding evidence, including municipal valuation, rental receipts and the lessee's accounts, rather than by mechanically adopting an unrelated annual figure. The valuation was therefore reduced, with liability confined to the lease dates and relief granted where the revenue's figures were excessive. en-us Fri, 26 Jun 1981 00:00:00 +0530 Tue, 12 Apr 2011 11:49:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69803 A genuine lease of immovable property at concessional rent may constitute a transfer for inadequate consideration under section 4(1)(a) of the Gift-tax Act, but the taxable event arises on execution or renewal of the lease, not by annualising the concession across intervening years. The gift value must be fixed on a realistic basis from the surrounding evidence, including municipal valuation, rental receipts and the lessee's accounts, rather than by mechanically adopting an unrelated annual figure. The valuation was therefore reduced, with liability confined to the lease dates and relief granted where the revenue's figures were excessive. Case-Laws Income Tax Fri, 26 Jun 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69803