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2010 (1) TMI 364 - HC - Income TaxGift tax - The market value of the shares did not exceed Rs. 30 per share and the assessee paid Rs. 70 per share in excess of the market value. Therefore, the assessing authority treating it to be a case of escaped assessment of taxable gift. Commissioner (Appeals) and Tribunal held the case in favour of assessee. Held that-assessing officer fell in error, because neither was there was there any material on record nor specific finding that the assessee had purchased the shares as colourable device to reduce the tax liability. The assessee could not be prevented from making such investment in certain shares only on the ground that the return from shares was very low. Thus transaction not liable to gift tax.
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