Allahabad H.C : the Income-tax Appellate Tribunal erred in law in deciding the addition of Rs.1,33,09,149/- on account of deemed gift within the meaning of the provisions of Section 4(1)(a) of the Gift Tax Act by holding that the transfer of property was made for adequate consideration, while the price paid by the respondent for acquiring the shares of the closely held companies of the Sahara Group was much more than the value of these shares as worked out in the manner laid down in Schedule II of the Gift Tax Act

High Court Of Allahabad CIT (Central) Vs. O.P. Srivastava Section : 4(1) Rajiv Sharma And Saeed-Uz-Zaman Siddiqi, Jj. IT Appeal Nos. 30 To 34 Of 2006 May 30, 2013 ORDER 1. Heard Mr. D.D. Chopra, learned counsel for the appellants and Mr. P.J. Pardiwala, Senior Advocate appearing for respondent in Income-tax Appeal No.32 of 2006. In…

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