https://www.taxtmi.com/caselaws?id=55377 Gift-tax liability under section 4(1)(a) could not be sustained merely by adopting figures from an income-tax assessment. The tribunal noted that the income-tax material had varied and the Gift-tax Officer had not made an independent finding on fair market value or on the inadequacy of consideration. Without cogent independent evidence establishing both the property's value and the shortfall in consideration, the charge of taxable gift could not stand. The deletion made by the AAC was therefore upheld, and the Revenue's appeal failed. en-us Thu, 24 Jan 1980 00:00:00 +0530 Fri, 26 Nov 2010 17:01:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55377 Gift-tax liability under section 4(1)(a) could not be sustained merely by adopting figures from an income-tax assessment. The tribunal noted that the income-tax material had varied and the Gift-tax Officer had not made an independent finding on fair market value or on the inadequacy of consideration. Without cogent independent evidence establishing both the property's value and the shortfall in consideration, the charge of taxable gift could not stand. The deletion made by the AAC was therefore upheld, and the Revenue's appeal failed. Case-Laws Income Tax Thu, 24 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55377