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 in kind which
is received without consideration or for inadequate
consideration (in excess of the prescribed limit
ofRs. 50,000/-) by an individual ... 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
when the
immovable property was received by the assessee for an inadequate
consideration, being lesser than the stamp value of the property.
Hence, the difference ... read as follows:-
"14. Taxability of immovable property received for inadequate
consideration.
14.1 Sub clause (b) of clause (vii) of sub-section
Deepak Aggarwal & Anr vs Shakuntala Devi on 7 February, 2019
Equivalent citations: AIRONLINE 2019
partition, equal or unequal, there is no element
whatsoever of consideration, partial or full, since in a partition
there is only an adjustment of rights ... view it is a
confusion to mix up unequal partition with inadequate
consideration and it is a worse confusion to talk in terms
that the price
amount was bit low. Whether transfer for inadequate consideration by
the father or Manager - Kartha of the family invalidate the Sale Deed
other official.
(b) Obtaining valuable thing, without consideration or with inadequate
consideration from a person with whom he has or is likely to have official
share fetched by the
assessee and therefore, the question of inadequate consideration could
not arise. The submissions were further fortified by the fact that
only in case of transfer of shares for inadequate consideration that
the provision should apply. He relied on the decision of the Chennai
evidence. The prayer that the conveyance of the
properties for inadequate consideration, done with
the view to avoid attachment by courts, be declared
null
