https://www.taxtmi.com/caselaws?id=275403 Allotment of bonus shares and transfer of shares to investment companies may amount to a gift under the Gift Tax Act where the transaction confers valuable property rights for inadequate consideration. Reading the definition of gift with the charging provision and the principles governing transfer of property, the Court treated the issue of shares as a taxable transfer rather than a mere book entry or non-transfer of property. On that basis, the gift tax levy was upheld and the assessment imposing gift tax was restored. en-us Wed, 01 Aug 2007 00:00:00 +0530 Mon, 01 Oct 2018 14:56:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275403 Allotment of bonus shares and transfer of shares to investment companies may amount to a gift under the Gift Tax Act where the transaction confers valuable property rights for inadequate consideration. Reading the definition of gift with the charging provision and the principles governing transfer of property, the Court treated the issue of shares as a taxable transfer rather than a mere book entry or non-transfer of property. On that basis, the gift tax levy was upheld and the assessment imposing gift tax was restored. Case-Laws Income Tax Wed, 01 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275403