Applicability of Sec.269C of Income Tax Act & 4(1)(a) of Gift Tax,1958.

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....se under section 4(1)(a) of the Gift-tax Act, 1958 should be initiated simultaneously in each and every case has been reconsidered by the Board in consultation with the Ministry of Law. 3. It has been advised that for acquisition u/s.269 C of the I.T.Act, the basis is that the consideration has been under stated in the instrument of transfer with a view to evading the tax liability. The provision....