https://www.taxtmi.com/caselaws?id=326234 A transfer of shares under an enforceable family arrangement made to equalise holdings and consolidate family assets was not treated as a gift, because such an arrangement carried consideration and obligations rather than a voluntary transfer without consideration. The resultant surplus on sale of those shares was therefore regarded as profit and was required to be reflected in the profit and loss account for computation of book profit under section 115JB. Following its earlier view in the assessee's own case, the Tribunal upheld the adjustment and accepted the Revenue's position on both issues. en-us Tue, 08 Mar 2016 00:00:00 +0530 Sat, 09 Apr 2016 08:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326234 A transfer of shares under an enforceable family arrangement made to equalise holdings and consolidate family assets was not treated as a gift, because such an arrangement carried consideration and obligations rather than a voluntary transfer without consideration. The resultant surplus on sale of those shares was therefore regarded as profit and was required to be reflected in the profit and loss account for computation of book profit under section 115JB. Following its earlier view in the assessee's own case, the Tribunal upheld the adjustment and accepted the Revenue's position on both issues. Case-Laws Income Tax Tue, 08 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326234