Share transfer without consideration under family arrangement cannot be treated as sham transaction

Glebe Trading Pvt. Ltd. Vs ITO (ITAT Delhi) The issue under consideration is whether A.O. is correct in holding that shares of listed companies received by the appellant company as gift without consideration, as part of internal family realignment amongst members of the family, could not be regarded as valid “gift”, and further considering the same to be sham and colorable transactions? In the given case, the A.O. made addition in the hands of the beneficiary within the provisions of Section 2(24) (iv) of the Income Tax Act, 1961. There is no addition made in the hands of the asses...