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2010 (4) TMI 791 - HC - Income TaxTransfer of capital asset - Company was managed by 2 groups of shareholders. Some dispute is alleged to have cropped up between these 2 groups. & An arrangement has been made between and Shares transferred to each other. Whether these transfer was a 'Gift or family arrangement'. - There was consideration for the alleged transfer by the applicant. or not. - Held that:- Kantilal group relinquished and waived their right, title and interest in the property described in annex A & B and also consideration which the company was to receive out of the land transaction and in lieu thereof they got properties shown in annex C free from all liabilities on ownership basis. Nature of consideration is transfer of property shown in annex C in favour of the Kantilal group and in consideration thereof Kantilal group relinquished their rights over the properties shown in annex A and B. This consideration for the transaction in question can conveniently be spelt out from arbitration award of arbitrator. decided in favour of Assessee.
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