https://www.taxtmi.com/caselaws?id=354692 A finding that a transaction is treated as a device for income-tax purposes does not, by itself, establish gift-tax liability. The substantive question under the Gift Tax Act remains whether the renunciation of rights shares for inadequate consideration satisfies the statutory ingredients of a deemed gift under Section 4(1)(a). Where that issue has not been conclusively determined, the matter must be examined afresh on its own merits. The document notes that the proceedings were set aside and remitted for reconsideration of the gift-tax question in accordance with law. en-us Mon, 29 Jan 2018 00:00:00 +0530 Fri, 30 Mar 2018 18:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354692 A finding that a transaction is treated as a device for income-tax purposes does not, by itself, establish gift-tax liability. The substantive question under the Gift Tax Act remains whether the renunciation of rights shares for inadequate consideration satisfies the statutory ingredients of a deemed gift under Section 4(1)(a). Where that issue has not been conclusively determined, the matter must be examined afresh on its own merits. The document notes that the proceedings were set aside and remitted for reconsideration of the gift-tax question in accordance with law. Case-Laws Income Tax Mon, 29 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354692