https://www.taxtmi.com/caselaws?id=71255 A transfer of assets was examined for alleged deemed gift treatment under section 4(1)(a) of the Gift-tax Act, 1958. The valuation difference between the declared consideration and the Departmental Valuation Officer's estimate was not substantial enough by itself to show inadequacy, and the transaction was between independent parties at arm's length. No material showed any device to confer a benefit by way of gift, while the participation and approval of the Gujarat Government, as a substantial shareholder with board nominees, supported bona fides. The dropping of acquisition proceedings under Chapter XX-A of the Income-tax Act also indicated that the consideration was not treated as inadequate. Section 4(1)(a) was therefore not attracted. en-us Thu, 17 Jul 2003 00:00:00 +0530 Fri, 22 Apr 2011 11:47:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71255 A transfer of assets was examined for alleged deemed gift treatment under section 4(1)(a) of the Gift-tax Act, 1958. The valuation difference between the declared consideration and the Departmental Valuation Officer's estimate was not substantial enough by itself to show inadequacy, and the transaction was between independent parties at arm's length. No material showed any device to confer a benefit by way of gift, while the participation and approval of the Gujarat Government, as a substantial shareholder with board nominees, supported bona fides. The dropping of acquisition proceedings under Chapter XX-A of the Income-tax Act also indicated that the consideration was not treated as inadequate. Section 4(1)(a) was therefore not attracted. Case-Laws Income Tax Thu, 17 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71255