Tribunal that the transfer of the business was for inadequate consideration has not been challenged by the assessees and it is, therefore, final. The sole ... otherwise than for adequate consideration. Although the transfer of the assets is valid in law even when the consideration is inadequate
transfers the immovable property to a near relative or for grossly inadequate consideration after public revenue due on any land from him has fallen ... favour of a near relation or for grossly inadequate consideration. If the consideration was grossly inadequate or the sale was to a near relation
market rate', 'the sales 'represent transfer for inadequate consideration coming within the provisions of Section 4(1)(a) of the Gift ... sales made by the assessee to Padinjarekkara Corporation represented transfer for inadequate consideration coming within the provisions of Section 4(1)(a) of the Gift
firm to Smt. Suman
Vijoo and that such transfer was for inadequate
consideration ?"
4. Heard the learned counsel appearing for the appellant ... unable to accept the
contention that it was for inadequate consideration
so as to amount to a taxable gift within the meaning
of section
defaulter transfers immovable property to a
near relative of for grossly inadequate consideration
after public revenue due on any land from him has fallen ... property to a 'near relative' or for 'grossly inadequate
consideration' after public revenue due on any land had fallen in
arrears
sale of the trees to the trust was for inadequate consideration. This was resisted by the assessee, inter alia, with the contention that the Income ... belief on the next day that the transfer was for inadequate consideration. But this plea has absolutely no basis so far as the years
defaulter transfers
immovable property to a near relative or
for grossly inadequate consideration after
public revenue due on any land from him
has fallen ... relative' (as defined in the Explanation therein) or for
grossly inadequate consideration, where the intent to defeat
or delay the recovery
defaulter transfers
immovable property to a near relative or
for grossly inadequate consideration after
public revenue due on any land from him
has fallen ... relative' (as defined in the Explanation therein) or for
grossly inadequate consideration, where the intent to defeat
or delay the recovery
unable to accept the contention that the
transfer was for inadequate consideration so as to amount to a
taxable gift within the meaning ... contention that the transaction in the case considered was for
inadequate consideration so as to amount to a taxable gift
within the meaning
that the assessee had transferred its asset to the firm for inadequate consideration. Thus, the Revenue has been able to establish only one ingredient, that ... there was transfer, but the remaining ingredients, that there was inadequate consideration and that the market value exceeded the actual consideration have not been established
