Family arrangement cannot be regarded as being without consideration

The issue before us is whether the transfer of the shares of Nestle India Ltd and Hindustan Lever Ltd held by the members of Bilakhia family as investment by them to the assessee- company as per family arrangement dated 16-02-2001 claimed to have been transferred without any monetary consideration can be held to be gift or not? As per Transfer of Property Act 1882 section 122 gift has been defined as under:- “Gift as a transfer of certain existing moving or immovable property made voluntarily and without consideration by one person, called the doner, to another, called the donee and accepted...