TMI Blog1998 (10) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... "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 Hindu undivided family. The original assessment on the assessee was completed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 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 of the assessment made by the Gift-tax Officer and on the merits accepted the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ltimately 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 report. The information received by the Gift-tax Officer on the audit report canno ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usion that the transfers were for inadequate consideration. The decision reported in CGT v. Indo Traders and Agencies (Madras) P. Ltd. [1981] 131 ITR 313(Mad) states that 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 records reveal that the contention raised by the Revenue i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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