https://www.taxtmi.com/caselaws?id=6613 For section 23-A, the test of whether shares are in fact freely transferable turns on the total factual transferability of the shares, not merely on actual transfers within the relevant year or the presence of a director-controlled transfer restriction; on that approach, the issue was decided for the assessee. The Tribunal also lacked jurisdiction to direct reassessment of shareholders under section 34(3), because that provision only lifts the limitation period and does not enlarge appellate power beyond matters arising in the appeal; that question too was answered for the assessee. en-us Mon, 19 Jul 1965 00:00:00 +0530 Tue, 27 Jan 2009 16:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6613 For section 23-A, the test of whether shares are in fact freely transferable turns on the total factual transferability of the shares, not merely on actual transfers within the relevant year or the presence of a director-controlled transfer restriction; on that approach, the issue was decided for the assessee. The Tribunal also lacked jurisdiction to direct reassessment of shareholders under section 34(3), because that provision only lifts the limitation period and does not enlarge appellate power beyond matters arising in the appeal; that question too was answered for the assessee. Case-Laws Income Tax Mon, 19 Jul 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6613