https://www.taxtmi.com/caselaws?id=205062 The Authority ruled that the transfer of shares without consideration as a gift is not taxable under the Income-tax Act. It was determined that transfer pricing provisions do not apply in the absence of taxable income. Consequently, the recipient was not required to withhold tax under section 195, but the applicant is obligated to file a return of income under section 139 even if the transfer is not taxable. en-us Fri, 27 May 2011 00:00:00 +0530 Fri, 04 Nov 2011 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205062 The Authority ruled that the transfer of shares without consideration as a gift is not taxable under the Income-tax Act. It was determined that transfer pricing provisions do not apply in the absence of taxable income. Consequently, the recipient was not required to withhold tax under section 195, but the applicant is obligated to file a return of income under section 139 even if the transfer is not taxable. Case-Laws Income Tax Fri, 27 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205062