https://www.taxtmi.com/caselaws?id=14689 Transfers cannot be treated as made for inadequate consideration under section 4(1)(a) of the Gift-tax Act merely because a higher market or stamp duty value is suggested. The Court held that the Revenue must show material indicating that the consideration was unreasonable, excessively low, or so deficient as to shock the conscience. Here, the reopening based on an audit report was unsupported by any independent valuation enquiry, the registered conveyance deed reflected the stated consideration, and the enhanced stamp duty value only represented the registering authority's own valuation method. On that record, there was no proof of excess consideration, so the Revenue's case failed. en-us Wed, 28 Oct 1998 00:00:00 +0530 Sat, 18 Jul 2009 10:56:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14689 Transfers cannot be treated as made for inadequate consideration under section 4(1)(a) of the Gift-tax Act merely because a higher market or stamp duty value is suggested. The Court held that the Revenue must show material indicating that the consideration was unreasonable, excessively low, or so deficient as to shock the conscience. Here, the reopening based on an audit report was unsupported by any independent valuation enquiry, the registered conveyance deed reflected the stated consideration, and the enhanced stamp duty value only represented the registering authority's own valuation method. On that record, there was no proof of excess consideration, so the Revenue's case failed. Case-Laws Income Tax Wed, 28 Oct 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14689