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
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
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
situation where property was received by an individual
or HUF for inadequate consideration. The relevant part of the
explanatory memorandum issued vide circular ... could not have covered the transactions of
inadequate consideration. Therefore, the case of the assesse would be
governed by the pre-amended provision
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
amalgamated
company) received such investment in such closely held
companies for inadequate consideration and the same is taxable
under section 56(2)(viia ... being a company in
which public are substantially interested) either for inadequate
consideration or without consideration where the recipient is a
firm or a company
being a company in which public are substantially
interested) either for inadequate consideration or without consideration
where recipient is a Firm or a Company ... gift or for inadequate
consideration. Bonus shares can never be considered as received
without consideration or for inadequate consideration calling for
application of sub-clause
being a company in which public are substantially
interested) either for inadequate consideration or without consideration
where recipient is a Firm or a Company ... gift or for inadequate
consideration. Bonus shares can never be considered as received
without consideration or for inadequate consideration calling for
application of sub-clause
