https://www.taxtmi.com/caselaws?id=382393 The High Court dismissed the appeal, affirming the Tribunal's decision that Section 49 of the Income Tax Act, 1961 did not apply as the gift of shares was not valid. The court found the transaction to be bogus due to lack of proper documentation and the daughter's inability to invest in the shares. The appellant's lack of cooperation during assessment proceedings led to an ex-parte assessment. As no substantial question of law was raised, the appeal was dismissed with no costs. en-us Mon, 10 Jun 2019 00:00:00 +0530 Mon, 01 Jul 2019 18:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382393 The High Court dismissed the appeal, affirming the Tribunal's decision that Section 49 of the Income Tax Act, 1961 did not apply as the gift of shares was not valid. The court found the transaction to be bogus due to lack of proper documentation and the daughter's inability to invest in the shares. The appellant's lack of cooperation during assessment proceedings led to an ex-parte assessment. As no substantial question of law was raised, the appeal was dismissed with no costs. Case-Laws Income Tax Mon, 10 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382393