making
the following additions:
i) Receipts of immovable/movable properties without
consideration/inadequate consideration u/s 56(2)(vii)
a) Building ... paid inadequate consideration.
4. Aggrieved, the assessee preferred an appeal before the CIT(A).
5. The CIT(A) referring to the provisions of section
which receipts without consideration
ITA.1290/Bang/2015 Page - 12
or inadequate consideration were made taxable in the hands of the recipient
assessee Subsequent clause ... 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
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
following matters:- (a) Whether the consideration for the lease was adequate; (b) If the consideration is found to be inadequate, the consideration which would ... granted for adequate consideration, shall pass a declaratory decree. (3) If the Court is of the opinion that the consideration is inadequate, it shall determine
dated
14.06.1972 would have been more than Rs.15000/- and an inadequate
consideration of Rs.3000/-, as stated in Exhibit D/1 Sale Deed
house was worth
Rs.60,000/- in 1951. The consideration of Rs.25,000/- was
inadequate and since Sale Deed was nominal, Ramchandra
Chimote ... others
40
appeals. The grossly inadequate consideration is another factor to
show that transaction was not of sale as contended by Chimotes.
21) Shri Deshpande
their share without permission
from the court. The agreement is for inadequate consideration, the agreement is
a fraud on public exchequer as the value
income for financing their transaction?
He further submits that mere inadequate consideration, as per
Explanation-1 of Section ... noticed above, was only to the tune of
`50,000/-. Mere inadequate sale consideration cannot be a ground for
declining discretionary relief. I am supported
house was worth
Rs.60,000/- in 1951. The consideration of Rs.25,000/- was
inadequate and since Sale Deed was nominal, Ramchandra
Chimote ... others
40
appeals. The grossly inadequate consideration is another factor to
show that transaction was not of sale as contended by Chimotes.
21) Shri Deshpande
house was worth
Rs.60,000/- in 1951. The consideration of Rs.25,000/- was
inadequate and since Sale Deed was nominal, Ramchandra
Chimote ... others
40
appeals. The grossly inadequate consideration is another factor to
show that transaction was not of sale as contended by Chimotes.
21) Shri Deshpande
