https://www.taxtmi.com/caselaws?id=7236 A shareholder's right to subscribe to additional shares under a rights issue, once the company increased its capital and made the statutory offer, was treated as an existing enforceable property right in praesenti. Its renunciation in favour of another person was therefore a transfer of property and could amount to a taxable gift under the Gift-tax Act, 1958. The right was also held capable of valuation because subscription rights in rights issues have recognised market value and can be dealt with separately in the market. The references were answered against the assessee and in favour of the revenue. en-us Mon, 24 Apr 1967 00:00:00 +0530 Mon, 16 Feb 2009 09:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7236 A shareholder's right to subscribe to additional shares under a rights issue, once the company increased its capital and made the statutory offer, was treated as an existing enforceable property right in praesenti. Its renunciation in favour of another person was therefore a transfer of property and could amount to a taxable gift under the Gift-tax Act, 1958. The right was also held capable of valuation because subscription rights in rights issues have recognised market value and can be dealt with separately in the market. The references were answered against the assessee and in favour of the revenue. Case-Laws Income Tax Mon, 24 Apr 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7236