https://www.taxtmi.com/caselaws?id=15030 Sales of immovable property were held to be for adequate consideration where the Tribunal found the stated price was not less than market value and the alleged shortfall from fair market value was not established. A higher valuation by the valuation cell, by itself, was insufficient to show that the transfer lacked adequate consideration. On that basis, the transaction did not fall within the deemed gift provision under section 4(1)(a) of the Gift-tax Act, 1958, and no gift-tax liability arose. en-us Tue, 11 Feb 1997 00:00:00 +0530 Mon, 27 Jul 2009 16:58:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15030 Sales of immovable property were held to be for adequate consideration where the Tribunal found the stated price was not less than market value and the alleged shortfall from fair market value was not established. A higher valuation by the valuation cell, by itself, was insufficient to show that the transfer lacked adequate consideration. On that basis, the transaction did not fall within the deemed gift provision under section 4(1)(a) of the Gift-tax Act, 1958, and no gift-tax liability arose. Case-Laws Income Tax Tue, 11 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15030