Intending evacuee acquiring evacuee or abandoned property in Pakistan for inadequate consideration to make good the deficiency.
(1) Where any person in respect of whom
case are identical. In case
of KDA Enterprises (supra) the issue for consideration was taxability of the
gift of right to receive dividend income ... assessee and (vi) and there should be absence or
inadequate consideration for benefit received.
19. In rejoinder submsision, the ld. Sr. Counsel for the assessee
very relevant consideration in the test of adequacy of consideration. Judged by this test, there is adequate consideration far from there being inadequate consideration even ... therefore, a business consideration if the property had really been sold at a lesser value. That business consideration is an adequate consideration
transfer of specific assets by certain persons without
consideration or for inadequate consideration.
sub section 2 clause (v) was inserted w.e.f. 1 April ... property whose value exceeds Rs. 50,000 without
consideration or for inadequate consideration by any individual or HUF
subject to certain exclusions.
sub section
Tribunal that the transfer of the business was for inadequate consideration has not been challenged by the assessees and it is, therefore, final. The sole ... otherwise than for adequate consideration. Although the transfer of the assets is valid in law even when the consideration is inadequate
view that the sale of the property was for an inadequate consideration and, therefore, subjected the difference of the amount between the market value ... given an extended meaning by including a transfer of property for inadequate consideration also within its meaning. The word "gift" is defined
property by an individual
or a HUF without consideration or for inadequate consideration with
reference to the fair market value of the property ... substantially
interested) when the same are received without consideration or for
inadequate consideration with reference to the fair market value of
the shares. Though this
inadequate considerations, and that, therefore, Section 4(l)(a) of the Act is attracted in the case on hand. The quantum of inadequate consideration provides ... According to the department, there is inadequate consideration warranting proceedings under the GT Act . Assessing authority levied tax at Rs. 20.94 crores in addition
whether the sale was made by the assessee for inadequate consideration and not for the purpose of finding out the fair market value. Since ... inadequate" consideration is of a wider import. The Assessing Officer is required to give a finding that the consideration is inadequate. The burden lies
case may be, without
consideration or for a consideration which he knows to be
inadequate. When the Court is called upon to consider
whether ... public servant of any valuable thing
without consideration or for a consideration which he knows
to be inadequate from any person whom he knows
