https://www.taxtmi.com/caselaws?id=26892 The High Court upheld the decision of the Tribunal in assessing capital gains tax on the sale of shares, emphasizing the interconnection between transferor and transferee. The court considered the applicability of section 52(2) of the Income-tax Act and the relationship between gift-tax and capital gains tax. Relying on precedents, including Shiv Shankar Lal's case and K. P. Varghese v. ITO, the court concluded that capital gains tax liability was valid, even if the transaction was not deemed a gift. The judgment highlighted the importance of evaluating the real value of transactions for tax purposes. en-us Wed, 06 Mar 1985 00:00:00 +0530 Tue, 09 Feb 2010 11:49:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26892 The High Court upheld the decision of the Tribunal in assessing capital gains tax on the sale of shares, emphasizing the interconnection between transferor and transferee. The court considered the applicability of section 52(2) of the Income-tax Act and the relationship between gift-tax and capital gains tax. Relying on precedents, including Shiv Shankar Lal's case and K. P. Varghese v. ITO, the court concluded that capital gains tax liability was valid, even if the transaction was not deemed a gift. The judgment highlighted the importance of evaluating the real value of transactions for tax purposes. Case-Laws Income Tax Wed, 06 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26892