https://www.taxtmi.com/caselaws?id=36024 Transfer of a business as a going concern was examined for alleged deemed gift-tax under section 4(1)(a) of the Gift-tax Act, 1958. The Court held that adequacy of consideration must be judged from the transaction as a whole, and that market value or later realisations cannot be treated as the sole test for finding a deemed gift. Because the entire business, with assets and liabilities, was transferred bona fide, goodwill was not separately valued in the books, and stock-in-trade could not be revalued by reference to later prices, the transfer was treated as for reasonable consideration. The deemed gift assessment therefore could not be sustained. en-us Thu, 14 Jun 1979 00:00:00 +0530 Thu, 18 Mar 2010 18:58:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36024 Transfer of a business as a going concern was examined for alleged deemed gift-tax under section 4(1)(a) of the Gift-tax Act, 1958. The Court held that adequacy of consideration must be judged from the transaction as a whole, and that market value or later realisations cannot be treated as the sole test for finding a deemed gift. Because the entire business, with assets and liabilities, was transferred bona fide, goodwill was not separately valued in the books, and stock-in-trade could not be revalued by reference to later prices, the transfer was treated as for reasonable consideration. The deemed gift assessment therefore could not be sustained. Case-Laws Income Tax Thu, 14 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36024