https://www.taxtmi.com/caselaws?id=37886 A transfer is a sale, not a gift, where the deed shows transfer of ownership for money consideration already deposited with the vendor and held as amanat. The recitals and surrounding circumstances indicated a bargain for sale, satisfying the definition of sale under the Transfer of Property Act, while a gift requires a transfer without monetary consideration and the deed disclosed no gratuitous intent. The contention that the consideration was not validly traceable under the Contract Act failed because it remained linked to the deceased father's instructions and the deposit with the vendor. The revenue's treatment of the deed as a sale deed was upheld. en-us Thu, 20 Jul 1978 00:00:00 +0530 Thu, 01 Apr 2010 15:53:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37886 A transfer is a sale, not a gift, where the deed shows transfer of ownership for money consideration already deposited with the vendor and held as amanat. The recitals and surrounding circumstances indicated a bargain for sale, satisfying the definition of sale under the Transfer of Property Act, while a gift requires a transfer without monetary consideration and the deed disclosed no gratuitous intent. The contention that the consideration was not validly traceable under the Contract Act failed because it remained linked to the deceased father's instructions and the deposit with the vendor. The revenue's treatment of the deed as a sale deed was upheld. Case-Laws Income Tax Thu, 20 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37886