https://www.taxtmi.com/caselaws?id=39834 Transfer of buses to a company was treated as a sale for cash, with the books showing credit of the full sale price and a separate debit for the later share allotment. In the absence of any written contract or other material proving that the shares were issued as consideration for the buses, the court held that the two transactions were independent. The legal character of the recorded transactions could not be displaced by a broad substance-over-form argument on these facts. As the assessee failed to show that the receipt equalled the fair market value of the buses, the transfer was not shown to be for adequate consideration and gift-tax liability was attracted. en-us Wed, 21 Aug 1974 00:00:00 +0530 Tue, 20 Apr 2010 15:32:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39834 Transfer of buses to a company was treated as a sale for cash, with the books showing credit of the full sale price and a separate debit for the later share allotment. In the absence of any written contract or other material proving that the shares were issued as consideration for the buses, the court held that the two transactions were independent. The legal character of the recorded transactions could not be displaced by a broad substance-over-form argument on these facts. As the assessee failed to show that the receipt equalled the fair market value of the buses, the transfer was not shown to be for adequate consideration and gift-tax liability was attracted. Case-Laws Income Tax Wed, 21 Aug 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39834