https://www.taxtmi.com/caselaws?id=34933 The court held that a private limited company is liable to pay capital gains tax on the transfer of shares, even if done under the guise of a family arrangement. The court emphasized the legal entity status of the company and the limited rights shareholders have over the company's assets. The court allowed the appeal in part, setting aside the previous decision, and remanded the matter for further consideration regarding the absence of consideration for the transfer and the determination of the cost of acquisition of shares. en-us Fri, 26 Oct 2007 00:00:00 +0530 Sat, 17 Sep 2011 16:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34933 The court held that a private limited company is liable to pay capital gains tax on the transfer of shares, even if done under the guise of a family arrangement. The court emphasized the legal entity status of the company and the limited rights shareholders have over the company's assets. The court allowed the appeal in part, setting aside the previous decision, and remanded the matter for further consideration regarding the absence of consideration for the transfer and the determination of the cost of acquisition of shares. Case-Laws Income Tax Fri, 26 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34933