1993 (8) TMI 7

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....for decision : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in its view that the amount of Rs. 28,250 representing half share of the difference between the document price and the market value is not assessable as deemed gift for purposes of the Gifttax Act, 1958 ? " As per the order passed by the Tribunal, a sum of Rs. 28,250, which represent....

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.... where the property is transferred otherwise than for adequate consideration, the amount by which the market value exceeds the value of the consideration shall be deemed to be a gift made by the transferor. Therefore, it is clear that section 4(1)(a) of the Gift-tax Act will be covering a case where the difference of the amount between the sale consideration mentioned in the sale deed and the mark....