https://www.taxtmi.com/caselaws?id=59172 Sale of two flats was treated as a deemed gift under section 4 of the Gift-tax Act, 1958 because the consideration was found to be inadequate on the facts. The flats had been held as an investment, let out at low rent to connected concerns, and then transferred to the same circle of tenants for a price not commensurate with the investment value or surrounding circumstances. The Tribunal held that the arrangement was not a genuine transfer of only reversionary rights, but a transaction lacking bona fides and showing nominal rent and close family connection. The challenge failed and gift tax was attracted. en-us Mon, 08 Nov 1993 00:00:00 +0530 Sat, 25 Dec 2010 13:34:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59172 Sale of two flats was treated as a deemed gift under section 4 of the Gift-tax Act, 1958 because the consideration was found to be inadequate on the facts. The flats had been held as an investment, let out at low rent to connected concerns, and then transferred to the same circle of tenants for a price not commensurate with the investment value or surrounding circumstances. The Tribunal held that the arrangement was not a genuine transfer of only reversionary rights, but a transaction lacking bona fides and showing nominal rent and close family connection. The challenge failed and gift tax was attracted. Case-Laws Income Tax Mon, 08 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59172