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1973 (7) TMI 28 - HC - Income TaxTransfer of capital assets to a person connected with the assessee for less than share market value of the assets- "(1) Whether the first proviso to section 12B(2) of the Indian Income-tax Act, 1922, properly became applicable? - It must be observed that in the instant case it has not even been suggested that it is a case of under-statement of consideration in the transfer deed or that higher consideration than mentioned in the transfer deed was received by the transferors ; on the other hand, since the transfers were between close relations the object could be to make a gift of the shares to the transferees or having regard to the circuitous method adopted for effecting cross-transfers the object could be avoidance of liability under section 16(3) of the Act —Question answered in negative
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