https://www.taxtmi.com/caselaws?id=60872 Section 4(1)(a) of the Gift-tax Act, 1958 applies only where property is transferred for inadequate consideration, and the revenue must first prove that condition before the deeming fiction can operate. On the facts discussed, the assessee supported the share sale with contemporaneous comparable transactions, public advertisements, correspondence, and prior group cases showing genuineness, while the revenue relied mainly on break-up valuation and did not produce comparable evidence to show the price was unfair or unreasonable. As the statutory precondition was not established, the deemed gift treatment could not be sustained and the addition was deleted. en-us Wed, 24 Feb 1993 00:00:00 +0530 Sat, 08 Jan 2011 13:49:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60872 Section 4(1)(a) of the Gift-tax Act, 1958 applies only where property is transferred for inadequate consideration, and the revenue must first prove that condition before the deeming fiction can operate. On the facts discussed, the assessee supported the share sale with contemporaneous comparable transactions, public advertisements, correspondence, and prior group cases showing genuineness, while the revenue relied mainly on break-up valuation and did not produce comparable evidence to show the price was unfair or unreasonable. As the statutory precondition was not established, the deemed gift treatment could not be sustained and the addition was deleted. Case-Laws Income Tax Wed, 24 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60872