https://www.taxtmi.com/caselaws?id=55788 For gift-tax valuation, the taxable element in gifts made through gift deeds must be determined as on the date of transfer, and the present value of binding stipulations in favour of charitable trusts may be deducted from the amount transferred to the donee companies. Subsequent events cannot be used to revise that valuation under the Gift-tax Act. The write-off of debts owed by close relatives was treated as a deemed gift because the extinguishment of the liabilities was not shown to be bona fide and the surrounding circumstances supported a taxable transfer. en-us Tue, 01 Feb 2000 00:00:00 +0530 Tue, 30 Nov 2010 10:36:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55788 For gift-tax valuation, the taxable element in gifts made through gift deeds must be determined as on the date of transfer, and the present value of binding stipulations in favour of charitable trusts may be deducted from the amount transferred to the donee companies. Subsequent events cannot be used to revise that valuation under the Gift-tax Act. The write-off of debts owed by close relatives was treated as a deemed gift because the extinguishment of the liabilities was not shown to be bona fide and the surrounding circumstances supported a taxable transfer. Case-Laws Income Tax Tue, 01 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55788