ITAT on Genuineness of Gift of Shares by A Company to other Group Company

Gagan Infraenergy Ltd Vs. DCIT (ITAT Delhi)

Under section 82 of Companies Act 1956, as it was applicable for the relevant assessment year, shares in a company is a moveable property, transferrable in the manner provided by its Articles of Association. Assessee has not shown/established the manner in which alleged transfer that has been effectuated,was authorized by its Articles. It is difficult to imagine Articles of Association of a company providing for gifting of assets in the company to another company by w

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