https://www.taxtmi.com/caselaws?id=11711 Transfer of a stock exchange membership right for consideration below its market value was treated as a transfer of property with money value, so the excess of market value over consideration was deemed a gift under section 4(1)(a) of the Gift-tax Act, 1958. The court held that section 2(xxii) covered such an interest in property and distinguished authorities on attachability and the general nature of membership rights because an actual transfer for inadequate consideration had occurred. As the market value adopted by the Tribunal was not disputed, no ground was shown for admission of the appeal. en-us Wed, 23 Apr 2003 00:00:00 +0530 Sat, 06 Feb 2010 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11711 Transfer of a stock exchange membership right for consideration below its market value was treated as a transfer of property with money value, so the excess of market value over consideration was deemed a gift under section 4(1)(a) of the Gift-tax Act, 1958. The court held that section 2(xxii) covered such an interest in property and distinguished authorities on attachability and the general nature of membership rights because an actual transfer for inadequate consideration had occurred. As the market value adopted by the Tribunal was not disputed, no ground was shown for admission of the appeal. Case-Laws Income Tax Wed, 23 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11711