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1997 (2) TMI 54

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..... 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, the assessee is not liable to gift-tax under section .....

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..... ment, 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. The Appellate Assistant Commissioner dismissed the appea .....

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..... ation 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. Accordingly, inasmuch as the Tribunal held that there is no difference between the fair market value and the stated consideration, there cannot .....

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