TMI BlogTaxability of capital gain arising from transfer of shares pursuant to the family arrangement.X X X X Extracts X X X X X X X X Extracts X X X X ..... Taxability of capital gain arising from transfer of shares pursuant to the family arrangement. - Commentaries / Editorials Dated:- 27-4-2008 - News - Facts of the case: There was a transfer of sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ares between the assessee-firm, which consists of partners, who are family members, in that, certain new shares were acquired in exchange of old shares, as also some consideration in cash. According ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the assessees, the transfer was consequent to a family arrangement. But, the Assessing Officer, after analysing the facts of the case and the legal aspects on the same, concluded that there was in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deed a transfer involved and thus, subjected the Capital Gains Tax. Issue: Whether the transfer of shares pursuant to the family arrangement to avoid a possible litigation among the family membe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs would attract the Capital Gains Tax. Held: In view of the settled propositions of law, we hold that the Tribunal was justified in arriving at the conclusion that the family arrangement among ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessees does not amount to any transfer and hence, not exigible to capital gains tax. (For full text of judgment - visit 2008 -TMI - 3709 - MADRAS HIGH COURT ) - News - Press release - PI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... B Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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