https://www.taxtmi.com/caselaws?id=36817 Section 16 of the Gift-tax Act requires an objectively supportable reason to believe that taxable gift has escaped assessment; jurisdiction depends on the substance of the recorded belief and surrounding material rather than technical wording in the notice. Under the deemed-gift provision, a transfer is taxable only to the extent consideration is absent or inadequate. Assumption of business liabilities and shares issued with recognised share-premium value may constitute full commercial consideration, notwithstanding nominal face value, and need not create a deemed gift. en-us Thu, 26 Apr 1979 00:00:00 +0530 Tue, 11 Aug 2015 14:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36817 Section 16 of the Gift-tax Act requires an objectively supportable reason to believe that taxable gift has escaped assessment; jurisdiction depends on the substance of the recorded belief and surrounding material rather than technical wording in the notice. Under the deemed-gift provision, a transfer is taxable only to the extent consideration is absent or inadequate. Assumption of business liabilities and shares issued with recognised share-premium value may constitute full commercial consideration, notwithstanding nominal face value, and need not create a deemed gift. Case-Laws Income Tax Thu, 26 Apr 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36817