https://www.taxtmi.com/caselaws?id=61290 Transfer of an assessee's 1/3rd share in jointly owned property for stated consideration was examined under the Gift-tax Act, with the valuation in gift-tax proceedings aligned to the departmental valuation used in income-tax proceedings. Because the income-tax appellate finding had already deleted the capital-gains addition on the basis that excess consideration was not proved, the same transaction could not be given inconsistent valuations in the two proceedings. On that basis, the foundation for treating the differential as a deemed gift failed, and computation under section 4(1)(a) could not be sustained on merits; the deemed gift was therefore nil. en-us Wed, 30 Nov 1983 00:00:00 +0530 Wed, 12 Jan 2011 10:59:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61290 Transfer of an assessee's 1/3rd share in jointly owned property for stated consideration was examined under the Gift-tax Act, with the valuation in gift-tax proceedings aligned to the departmental valuation used in income-tax proceedings. Because the income-tax appellate finding had already deleted the capital-gains addition on the basis that excess consideration was not proved, the same transaction could not be given inconsistent valuations in the two proceedings. On that basis, the foundation for treating the differential as a deemed gift failed, and computation under section 4(1)(a) could not be sustained on merits; the deemed gift was therefore nil. Case-Laws Income Tax Wed, 30 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61290