https://www.taxtmi.com/caselaws?id=18554 A transfer is treated as a deemed gift under the Gift-tax Act only if the property passes for inadequate consideration and the market value on the transfer date exceeds the consideration shown; a prior wealth-tax valuation does not by itself establish that charge. The Gift-tax Officer must also make an independent valuation under section 6 on the materials before him and by reference to open-market value. Where no fresh statutory valuation is recorded and the assessment relies mechanically on another valuation or the declared sale price, the gift-tax determination is not in accordance with the Act and requires reassessment. en-us Thu, 23 May 1996 00:00:00 +0530 Thu, 01 Oct 2009 15:55:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18554 A transfer is treated as a deemed gift under the Gift-tax Act only if the property passes for inadequate consideration and the market value on the transfer date exceeds the consideration shown; a prior wealth-tax valuation does not by itself establish that charge. The Gift-tax Officer must also make an independent valuation under section 6 on the materials before him and by reference to open-market value. Where no fresh statutory valuation is recorded and the assessment relies mechanically on another valuation or the declared sale price, the gift-tax determination is not in accordance with the Act and requires reassessment. Case-Laws Income Tax Thu, 23 May 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18554