1997 (2) TMI 54

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....he instance of the Department, the Tribunal referred the following common question, for the opinion of this court, for the assessment years 1970-71 and 1971-72, under section 26(1) of the Gift-tax Act, 1958 : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in holding that the transfer was not without adequate consideration and, therefore,....

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.... Rs. 5,54,100. The Income-tax Officer, in the reassessment, computed the capital gains, invoking section 52(2) of the Act. Consequently, in the gift-tax assessments, the difference in the sale price and the market value was taken as a deemed gift under section 4(1)(a) of the Gift-tax Act, since according to the Gift-tax Officer, there has been transfer otherwise than for adequate consideration. Th....