https://www.taxtmi.com/caselaws?id=29334 An undervalued sale of shares is not, by itself, a gift inter vivos for section 9(1) of the Estate Duty Act, 1953. Section 27(1) applies only where its statutory conditions for a disposition in favour of a relative are strictly satisfied, and it does not extend to a cross-transfer or cross-gift merely because the purchaser is connected through relatives. Explanation 2 to section 2(15) also does not apply where the transaction is a sale at an undervalue and does not involve the kind of extinguishment of debt or right contemplated by that provision. The cited income-tax and estate-duty authorities were distinguishable on their own statutory contexts. en-us Tue, 27 Jul 1982 00:00:00 +0530 Fri, 12 Mar 2010 12:28:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29334 An undervalued sale of shares is not, by itself, a gift inter vivos for section 9(1) of the Estate Duty Act, 1953. Section 27(1) applies only where its statutory conditions for a disposition in favour of a relative are strictly satisfied, and it does not extend to a cross-transfer or cross-gift merely because the purchaser is connected through relatives. Explanation 2 to section 2(15) also does not apply where the transaction is a sale at an undervalue and does not involve the kind of extinguishment of debt or right contemplated by that provision. The cited income-tax and estate-duty authorities were distinguishable on their own statutory contexts. Case-Laws Income Tax Tue, 27 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29334