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
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
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
price different from the fair market value (i.e. no or inadequate
consideration) of the shares and also included within its ambit
transactions undertaken ... being a
company in which public are substantially interested) either for
inadequate consideration or without consideration, where
recipient is a firm or a company
consideration between ECRPL and the assessee company at the
nil/inadequate consideration between the transferor companies of
the group and ECRPL have been made ... substantially interested and the
same are received without consideration or for inadequate
consideration with reference to the fair market value of the shares
those types of transfers which were made voluntarily, but for inadequate consideration. This object, he stressed, should be kept in mind while examining a transaction ... whether the transfer was for inadequate consideration. If the stated consideration is not capable of being termed 'inadequate' the matter ends there
does not
provide for additions to be made for "inadequate consideration" and therefore no
addition could be made. The CIT(A) proceeded ... submit that the application of the provisions in cases of
inadequate consideration was inserted only from AY 2014-15 whereas in
assessee's case
fair it could not be said to be inadequate. The court also observed that the inadequate consideration was not necessarily what was ultimately determined ... cannot be as reasonable and fair and was definitely inadequate.
12. The expression "inadequate consideration" had come up for consideration
case of Sudhir Menon (HUF) held that there is no inadequate
consideration involved. The taxability u/s 17 of the Act will arise only ... Sudhir Menon (HUF)
that no addition is possible on account of inadequate consideration, it is
therefore not possible to assess the same as perquisite
taxed, and hence the appellant's case of inadequate
consideration does not fall within preview of said section. I also find that the
said ... been amended by Finance Act 2013 to cover the
cases of inadequate consideration also, but the same is effective from 1-4-
2014, hence
