Bpl Ltd. vs Deputy Cgt on 15 December, 2006
The Supreme Court in Reva Investment (P) Ltd. v. CGT , has ruled reading as under -
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Bhagyoday Investments (P) Ltd. vs Asstt. Cgt on 7 August, 2003
Commissioner Of Gift Tax vs Sree Visalam Chit Fund Ltd. on 12 November, 2003
4. It has been held in the case of Reva Investment (P) Ltd. (supra) that Section 4(1)(a) of the GT Act has to be construed in a broad commercial sense and not in a narrow sense. If the transaction involves transfer of certain property in lieu of certain other property received, then the process of evaluation of the two items of property should be similar and if, on such evaluation, it is found that there is appreciable difference between the values of the properties, then the transaction will be taken as a "deemed gift". It is to be found that the transaction was on inadequate consideration and the parties deliberately showed the valuation of the two properties as the same to effect (evade) tax. Such a conclusion cannot be drawn merely because according to the AO there is some difference between the valuation of the property transferred and the consideration received.
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