Supreme Court · 2001 INSC 244 · Decided 2 May 2001
Reva Investment PVT. LTD. v. Commissioner of Gift Tax, Gujarat Ii
- Court
- Supreme Court of India
- Citation
- 2001 INSC 244 · [2001] 3 S.C.R. 360
- Case number
- CIVIL APPEAL No. 1934/1998
- Decided
- 2 May 2001
- Bench
- S.P. BHARUCHA, D.P. MOHAPATRA (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
Headnote
Gift Tax Act, 1958-Sections 2(xii) and 4(l)(a)-Transfer of jewellery worth Rs. 13,91,350 to wholly owned subsidiary companies in return of allotment of fully paid equity shares of total face value of Rs. 5,69,400- C Deemed Gift-Inadequate consideration-Held, there is no deemed gift since the value Assessee-Company transferred its jewellery to its twelve wholly owned D subsidiary companies, which in return allotted fully paid equity shares of total face value of Rs. 5,69,400. After the transfer, the jewellery constituted the only asset of the twelve companies against the entire share
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