https://www.taxtmi.com/caselaws?id=26947 Gift-tax payable by the donee under a settlement deed cannot be treated as consideration deductible from the market value of the transferred property under section 4(1)(a) of the Gift-tax Act, 1958. The provision deems a gift to the extent market value exceeds the actual consideration for property transferred otherwise than for adequate consideration, and its language does not permit reading in any deduction for the donee's tax liability. In a taxing statute, only what is expressly stated can be implied, and the Tribunal's contrary construction was held unsustainable. The referred question was answered against the assessee and in favour of the Revenue. en-us Mon, 07 Oct 1985 00:00:00 +0530 Tue, 09 Feb 2010 15:35:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26947 Gift-tax payable by the donee under a settlement deed cannot be treated as consideration deductible from the market value of the transferred property under section 4(1)(a) of the Gift-tax Act, 1958. The provision deems a gift to the extent market value exceeds the actual consideration for property transferred otherwise than for adequate consideration, and its language does not permit reading in any deduction for the donee's tax liability. In a taxing statute, only what is expressly stated can be implied, and the Tribunal's contrary construction was held unsustainable. The referred question was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Mon, 07 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26947