assessee
of the shares was for inadequate consideration and proceeded to
impose gift tax liability by reassessing the transaction valued at
Rs.1400/- per share ... even if it was
assumed that the shares sold were for inadequate consideration, the
book value of the company (a non-investment company
assessee
of the shares was for inadequate consideration and proceeded to
impose gift tax liability by reassessing the transaction valued at
Rs.1400/- per share ... even if it was
assumed that the shares sold were for inadequate consideration, the
book value of the company (a non-investment company
other person, any valuable thing without
consideration or for a consideration which he knows to be inadequate from
any person whom he knows to have ... Section 13 (1) (a) ); "habitual acceptance" of something for inadequate consideration
knowing that to be so "in any proceeding‖ or in connection
consideration; but for the purpose of
the Act a transfer for inadequate consideration
is to be deemed to be a gift under Section ... section. It is to be found that the transaction
was on inadequate consideration and the
parties deliberately showed the valuation of the
two properties
between ss. 47 and 52 of the Act. A sale for inadequate consideration would come within the meaning of the word "gift ... actual sale consideration as it is not a case of understatement as the declared consideration is not different from the undeclared consideration. As such
December, 1995. It is further alleged that
the consideration shown by the defendants is extremely
inadequate and an indication of fraud and conspiracy ... defendant No. 2 a prima facie fraud for an extremely
inadequate consideration. It is alleged that the
aforesaid facts prior to agreement to sell dated
Hero Electric Vehicles Private Limited ... vs Lectro E-Mobility Private Limited & ... on 2 March
sale deed was executed
in favour of the plaintiff for inadequate consideration, she filed a suit for cancellation of
the sale deed in favour
Mahindra Susten Private Limited vs Nhpc Limited on 17 February, 2021
Equivalent citations: AIRONLINE 2021
Ashoka Marketing Ltd. vs Union Of India (Uoi) on 26 April, 1978
Author: S. Ranganathan
