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2018 (2) TMI 353

Head Note:
Gift in pursuance of a family settlement - Whether a transaction involving transfer of shares can constitute a gift under section 2(xii) r.w.s. 4 of the Gift Tax Act in cases where the price paid for such transfer is proved to be in excess of the actual market price of the shares so transferred? - Held that:- The provisions of gift tax would ordinarily not apply to share transfers or transfer of property, as part of it is to effectuate a settlement, the questions of law framed in this appeal are answered against the revenue and in favour of the assessee. See Gawahati High Court in Ziauddin Ahmed vs. Commissioner of Gift Tax [1975 (8) TMI 40 - GAUHATI High Court]


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