https://www.taxtmi.com/caselaws?id=70247 The proper market value of buses and route permits transferred to the daughters of a former proprietor was the only substantive issue in determining the deemed gift. The appellate authority accepted the assessee's valuation at Rs. 74,000 after considering the relevant circumstances affecting the assets, and that estimate was upheld. A higher sale realisation from other buses could not control the valuation of the 22 buses in question because there was no proof that the sale conditions were the same. The Revenue's challenge to the reduced valuation therefore failed. en-us Wed, 11 Jul 1984 00:00:00 +0530 Fri, 15 Apr 2011 10:35:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70247 The proper market value of buses and route permits transferred to the daughters of a former proprietor was the only substantive issue in determining the deemed gift. The appellate authority accepted the assessee's valuation at Rs. 74,000 after considering the relevant circumstances affecting the assets, and that estimate was upheld. A higher sale realisation from other buses could not control the valuation of the 22 buses in question because there was no proof that the sale conditions were the same. The Revenue's challenge to the reduced valuation therefore failed. Case-Laws Income Tax Wed, 11 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70247