1998 (9) TMI 31

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....on referred to us at the instance of the Revenue is as follows : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding and had valid materials to hold that there was adequate consideration for the transfer and hence there was no deemed gift within the meaning of section 4(1)(a) of the Gift-tax Act ?" The assessee was assessed under the Gift-tax Ac....

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....e Court in K. P. Varghese v. ITO [1981] 131 ITR 597 and the decision of this court in CGT v. Indo Traders and Agencies (Madras) P. Ltd. [1981] 131 ITR 313. We do not find any error in the order of the Tribunal. The burden was on the Revenue to show that the assessee had attempted to evade tax and had undervalued the property. There was no evidence to prove such an allegation against the assesse....