https://www.taxtmi.com/caselaws?id=70622 The Tribunal allowed the appeal, ruling that the surrender of shares by the assessee during the firm's reconstitution did not attract gift tax. The Tribunal found that the transaction involved both consideration and adequate consideration, meeting the criteria established by previous court decisions. Therefore, the Tribunal set aside the orders of the AAC and GTO, concluding that the transaction was not liable for gift tax. en-us Fri, 12 Jul 1985 00:00:00 +0530 Mon, 18 Apr 2011 11:39:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70622 The Tribunal allowed the appeal, ruling that the surrender of shares by the assessee during the firm's reconstitution did not attract gift tax. The Tribunal found that the transaction involved both consideration and adequate consideration, meeting the criteria established by previous court decisions. Therefore, the Tribunal set aside the orders of the AAC and GTO, concluding that the transaction was not liable for gift tax. Case-Laws Income Tax Fri, 12 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70622