https://www.taxtmi.com/caselaws?id=20201 The Income-tax Appellate Tribunal ruled in favor of the assessee, holding that section 104 of the Income-tax Act was not applicable to the case for the assessment year 1973-74. The Tribunal found that the conditions under section 2(18) were met, and there was no evidence of restricted share transferability or concerted shareholder action. The decision emphasized the importance of fulfilling statutory conditions and ensuring free transferability of shares to determine the applicability of tax provisions. The judgment aligned with precedent and highlighted the reasonable exercise of directorial powers in share transfers, ultimately favoring the assessee and denying costs to the Revenue. en-us Thu, 28 Oct 1993 00:00:00 +0530 Thu, 12 Nov 2009 13:44:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20201 The Income-tax Appellate Tribunal ruled in favor of the assessee, holding that section 104 of the Income-tax Act was not applicable to the case for the assessment year 1973-74. The Tribunal found that the conditions under section 2(18) were met, and there was no evidence of restricted share transferability or concerted shareholder action. The decision emphasized the importance of fulfilling statutory conditions and ensuring free transferability of shares to determine the applicability of tax provisions. The judgment aligned with precedent and highlighted the reasonable exercise of directorial powers in share transfers, ultimately favoring the assessee and denying costs to the Revenue. Case-Laws Income Tax Thu, 28 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20201