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
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
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
supported by consideration
but only in part and that even the recited consideration in
the sale deed is thoroughly inadequate and that the sale
deed ... sale deed was
not supported by consideration and even recited
consideration Rs. 16,500 was grossly inadequate and
extremely low consi-
117
dering the extent
proportionate part of their liability which has been discharged from the consideration for the sale. I am, of course, assuming in such cases, that there ... established, in such a case, that in fact the consideration for the sale was grossly inadequate, there is no reason for not allowing the alienee
binding on his son if it was made for inadequate
consideration, even if there was legal necessity ? In order to answer it correctly, it would ... also proved that the property was not alienated for wholly inadequate consideration. On behalf of Dudh Nath, on the other hand reliance was placed upon
inadequate consideration and says that such a transfer will be a gift to the extent to which the consideration is adjudged inadequate. Clause (b) deals ... right shares were transferred for inadequate consideration and, if so, to what extent was the consideration inadequate. It seems to us that in this reference
inadequate considerations, and that therefore, Section 4(1)(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 Gift Tax Act Assessing Authority levied tax at Rs. 20.94 crones in addition
affidavit that the gift was for no consideration or inadequate consideration and thus a gift within the meaning of the G.T. Act for which ... voluntarily and without consideration in money or money's worth. The consideration of the sale before us is not without consideration though
