https://www.taxtmi.com/caselaws?id=253572 A transfer of property to a 100% subsidiary was not treated as a deemed gift under section 4(1)(a) of the Gift Tax Act because the valuation difference between declared consideration and departmental valuation was small and fell below the statutory benchmark in the rules. The transaction was also found to be bona fide and commercial, with no material indicating tax evasion. On that basis, rule 11A did not justify invoking the deeming provision, and the gift tax liability was not sustained. en-us Mon, 24 Nov 2014 00:00:00 +0530 Fri, 28 Nov 2014 13:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253572 A transfer of property to a 100% subsidiary was not treated as a deemed gift under section 4(1)(a) of the Gift Tax Act because the valuation difference between declared consideration and departmental valuation was small and fell below the statutory benchmark in the rules. The transaction was also found to be bona fide and commercial, with no material indicating tax evasion. On that basis, rule 11A did not justify invoking the deeming provision, and the gift tax liability was not sustained. Case-Laws Income Tax Mon, 24 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253572