https://www.taxtmi.com/circulars?id=9367 Where an asset is transferred for less than adequate consideration the provisions of section 52 of the Income-tax Act and section 4(1) of the Gift-tax Act may be invoked simultaneously, provided the other statutory conditions for each levy are satisfied; this instruction applies generally except where a High Court has given a contrary decision. en-us Tue, 23 Sep 1980 00:00:00 +0530 Sat, 04 Jun 2011 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9367 Where an asset is transferred for less than adequate consideration the provisions of section 52 of the Income-tax Act and section 4(1) of the Gift-tax Act may be invoked simultaneously, provided the other statutory conditions for each levy are satisfied; this instruction applies generally except where a High Court has given a contrary decision. Circulars Income Tax Tue, 23 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9367