shares meant to
be gifted. The donor delivered the registered gift deed
together with the share certificates to the donee. On these
facts the donation ... general mode of transfer by gift for goods in 'general but
not for the transfer by gift of shares which are a special
type
Deed with respect to gift of 50,000 shares and 15,000 shares totaling 65,000 shares by
the donors to the assessee. As stated ... SOICL. The documentary evidences included the following:
(i) Gift Deeds evidencing the gift of shares to the assessee.
(ii) The IT Return of both
gifts from outsiders and so the gift in question
was not a valid gift.
The Appellate Assistant Commissioner and the Tribunal held
the gift valid ... Trustees was a valid gift
or it was not a valid gift. If it was a valid gift, the
shares gifted became the property
assessee has not
received the gift of shares in its business activities. The shares were gifted
by the family members of promoters of the assessee ... companies, whose shares were received in
gift, are listed companies. The market value of the gifted share is Rs.
1464,54,53,232/-, which
related to the gift transactions. The
said loan transactions were completed before the gifts of shares were transferred /
gifted. We are in agreement with ... taxability of the Gift held that when, the assessee received
three residential flats by way of gift of shares of the concerned housing society
from
obtains a share
certificate as already indicated above. Indeed, there
may be restrictions on transfers of shares either by gift
or by sale ... number of shares or
number of share certificates in the said FIR. Further,
you have wrongly mentioned that original share
certificates are in possession
paid up equity share of TAAL for every
two partly paid up equity shares of the Petitioner. Pursuant to the gift of the aforesaid
equity ... TAAL so gifted, ......................". Even otherwise it is clear that the
main purpose and object of the Scheme is the gifting of shares of TAAL
Gift-Tax Act .
A. Y. :
1976-77
Gift Tax Act 1958 s.24(2)
Gift Tax Rules 1958 r.10
GIFT TAX
Writ--ALTERNATIVE REMEDY ... said Act, respondent No. 1 held that the Gift-tax Officer should have valued the gifted shares for both the above assessment years in terms
assessee filed the gift-tax return showing the value of the gifted shares as Rs. 19,400. The assessee contended before the Gift Tax Officer ... under eight deeds of gift., the said Ambalal Sarabhai made gifts of the said 480 shares to certain members of his family. In the proceedings
value of gift are higher than the minimum void Under
the transfer of property act
gift of shares of the company is in the nature ... acquisition of equity shares of Wokhardt
Ltd . He further referred to the details of acquisition of the shares
acquired by gift by the assessee
