No Capital Gain Tax on Shares Transferred as Gift: Bombay HC

Jai Trust Through its current trustee Vs Union of India (Bombay High Court) The case of Jai Trust, represented by its current trustee, against the Union of India, as adjudicated by the Bombay High Court, delves into the legality and validity of a notice issued under Section 148 of the Income Tax Act, 1961, and the subsequent order rejecting objections raised by the petitioner against the reopening of assessment for the Assessment Year 2010-2011. Jai Trust transferred shares of United Phosphorus Limited (UPL) and Uniphos Enterprises Limited (UEL) to Nerka Chemicals Private Limited (NCPL) throug...