Case Law Details
Case Name : Satya Nand Munjal Vs commissioner of Gift Tax (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
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The fundamental question before the High Court was whether there was in fact a gift of 14,000 bonus shares made by the assess to the transferee. The answer to this question lies in the interpretation of Section 4(1)(c) of the Act which reads as follows :-
“Gifts to include certain transfers. 4. (1) For the purposes of this Act,- where there is a release, discharge, surrender, forfeiture or abandonment of any debt, contract or other actionable claim or of any interest in property by any person, the value of the release, discharge, surrender, forfeiture or abandonment to the extent to wh...
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Will the matter see its logical end after another 3 decades?