https://www.taxtmi.com/caselaws?id=55756 A transfer of land at consideration substantially below market value may be treated as a deemed gift under section 4(1)(a) of the Gift-tax Act when no adequate non-monetary or bona fide explanation is shown. Adequacy of consideration is assessed in a broader sense, not by price difference alone, and surrounding circumstances remain relevant. For valuation, a proximate actual sale instance may be preferred over a residue-based estimation method where the comparable transaction is reliable. The Commissioner (Appeals) accepted the comparable-sale valuation, and the lower rate adopted was upheld; proceedings in other tax contexts were held irrelevant to the gift-tax valuation exercise. en-us Tue, 29 Apr 1986 00:00:00 +0530 Mon, 29 Nov 2010 18:19:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55756 A transfer of land at consideration substantially below market value may be treated as a deemed gift under section 4(1)(a) of the Gift-tax Act when no adequate non-monetary or bona fide explanation is shown. Adequacy of consideration is assessed in a broader sense, not by price difference alone, and surrounding circumstances remain relevant. For valuation, a proximate actual sale instance may be preferred over a residue-based estimation method where the comparable transaction is reliable. The Commissioner (Appeals) accepted the comparable-sale valuation, and the lower rate adopted was upheld; proceedings in other tax contexts were held irrelevant to the gift-tax valuation exercise. Case-Laws Income Tax Tue, 29 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55756