No capital gain on Gifting of Share from one company to other

Manjula Finance Ltd Vs ITO (ITAT Delhi)

It is an undisputed fact that the assessee being the absolute owner of the shares gifted , had full enjoyment rights including to alienate, discard and even demolish, unless prohibited by some statutory provisions, it is within the powers of the assessee to make gift at its free will. Further the shares were credited in the books of account of the donor. The gift is also authorised by articles of association, approved by Board of Directors and Shareholders. Assessee heavily relied upon

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