https://www.taxtmi.com/caselaws?id=119748 Deemed-gift treatment for an immovable-property transfer requires proof that the actual consideration was inadequate; a valuation report showing a higher fair market value is insufficient by itself. The revenue must address material objections to comparability, including the status of the locality, available amenities, local sale instances, registered valuation evidence and government-fixed land rates. Where these factors are not properly examined, the jurisdictional condition for applying the deeming fiction is not established. The transfer therefore cannot be treated as a deemed gift, and the related addition is liable to deletion. en-us Fri, 08 Dec 2006 00:00:00 +0530 Mon, 17 Jun 2013 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119748 Deemed-gift treatment for an immovable-property transfer requires proof that the actual consideration was inadequate; a valuation report showing a higher fair market value is insufficient by itself. The revenue must address material objections to comparability, including the status of the locality, available amenities, local sale instances, registered valuation evidence and government-fixed land rates. Where these factors are not properly examined, the jurisdictional condition for applying the deeming fiction is not established. The transfer therefore cannot be treated as a deemed gift, and the related addition is liable to deletion. Case-Laws Income Tax Fri, 08 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119748