https://www.taxtmi.com/caselaws?id=25164 Section 4(1)(a) of the Gift-tax Act applies only when transferred property is shown, on relevant evidence, to have a market value higher than the consideration stated in the sale deed. The assessing authority must first determine that market value on proper data and then compare it with the stated consideration to decide whether the shortfall constitutes a deemed gift. If the Tribunal has not examined the correctness of the market value adopted by the Gift-tax Officer or recorded any finding on adequacy of consideration, it cannot conclude that the provision is inapplicable. The matter therefore required fresh determination of market value and consideration adequacy. en-us Thu, 11 Feb 1988 00:00:00 +0530 Mon, 25 Jan 2010 17:10:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25164 Section 4(1)(a) of the Gift-tax Act applies only when transferred property is shown, on relevant evidence, to have a market value higher than the consideration stated in the sale deed. The assessing authority must first determine that market value on proper data and then compare it with the stated consideration to decide whether the shortfall constitutes a deemed gift. If the Tribunal has not examined the correctness of the market value adopted by the Gift-tax Officer or recorded any finding on adequacy of consideration, it cannot conclude that the provision is inapplicable. The matter therefore required fresh determination of market value and consideration adequacy. Case-Laws Income Tax Thu, 11 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25164