1998 (10) TMI 9

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....evenue, the following question has been referred to us for consideration : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right and had valid materials in holding that in the assessee's case, it could not be taken that transfers were for inadequate consideration ?" The assessment year involved is 1976-77. The assessee is assessed in the status of a ....

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....itional amount of Rs. 27,700 in respect of the first item of property gifted and Rs. 67,340 in respect of the second item of property. The assessee appealed before the Commissioner of Gift-tax. The Commissioner found that the reopening of the assessment was without jurisdiction and cancelled the assessment as made. The Tribunal disagreed with the view of the Commissioner and upheld the re-opening ....

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....considered to be inadequate. Adequate consideration is not necessarily what is ultimately determined by some one else as market value. Unless the price was such as to shock the conscience of the court, it would not be possible to hold that the transaction is otherwise than for adequate consideration." The Gift-tax Officer has reopened the assessment on information received by him on the audit r....