Section 4(1)(a) is attracted only in a case where there is a monetary consideration for transfer and that consideration is less than market value of property

Section 4(1)(a) is attracted only in a case where there is a monetary consideration for transfer and that consideration is less than market value of property; in such a case, difference in amount is treated as a deemed gift - [2010] 8 taxmann.com 242 (KAR.)