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2014 (8) TMI 161 - AT - Income TaxProfit on sale of shares as LTCG instead of STCG – Whether the shares were received by the assessee as gift - Held that:- Relying upon Nirmala Keshawlal A/P of late Parvatibai P. Dabrai vs. Controller of Excise Duty [1982 (7) TMI 81 - BOMBAY High Court] - gift and donation are not mutually exclusive and donation is only a type of gift - the donation is to be construed as a form of gift - there can be no question of treating the receipt of shares by the assessee as donation independent of gift - shares of Nicholas Piramal India Ltd. were acquired by the donor in 1997 which were transferred to the assessee by means of donation in December, 2005/January, 2006 - Since the shares constitute a capital asset, it is but natural that on their transfer, the provisions of section 49(1) would be attracted - If such provisions are applied, the resultant gain would partake of the character of long- term capital gain and, exempt u/s 10(38) of the Act – Decided against Revenue.
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