https://www.taxtmi.com/caselaws?id=411955 Gift-tax valuation of transferred property may be upheld on surrounding circumstances where the assessee cannot prove the claimed sale price. The authorities found no satisfactory evidence that the property was sold for the stated consideration, and the Tribunal agreed that the document value was unrealistically low. Guideline value was treated as a relevant factor, though not the sole determinant of market value, and the assessee's participation in the valuation exercise showed awareness that documents alone were not decisive. On those facts, the burden of displacing the higher value suggested by the material was not discharged, the inadequate-consideration finding was sustained, and interference with the penalty order was declined. en-us Thu, 05 Aug 2021 00:00:00 +0530 Tue, 07 Sep 2021 10:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411955 Gift-tax valuation of transferred property may be upheld on surrounding circumstances where the assessee cannot prove the claimed sale price. The authorities found no satisfactory evidence that the property was sold for the stated consideration, and the Tribunal agreed that the document value was unrealistically low. Guideline value was treated as a relevant factor, though not the sole determinant of market value, and the assessee's participation in the valuation exercise showed awareness that documents alone were not decisive. On those facts, the burden of displacing the higher value suggested by the material was not discharged, the inadequate-consideration finding was sustained, and interference with the penalty order was declined. Case-Laws Income Tax Thu, 05 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411955