https://www.taxtmi.com/caselaws?id=39108 A bona fide reduction of share capital and return of assets to shareholders was treated as satisfaction of shareholder rights, not as a separate transfer of property, so section 4(a) of the Gift-tax Act, 1958 was not attracted. For valuation, the operative date was the special resolution as confirmed by the court, while later delivery of share certificates and securities was only formal and did not affect gift-tax valuation. On the facts, the consideration was not shown to be inadequate so as to create a deemed gift. The reference was answered in favour of the assessee and against the Revenue. en-us Wed, 19 Nov 1975 00:00:00 +0530 Tue, 13 Apr 2010 10:18:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39108 A bona fide reduction of share capital and return of assets to shareholders was treated as satisfaction of shareholder rights, not as a separate transfer of property, so section 4(a) of the Gift-tax Act, 1958 was not attracted. For valuation, the operative date was the special resolution as confirmed by the court, while later delivery of share certificates and securities was only formal and did not affect gift-tax valuation. On the facts, the consideration was not shown to be inadequate so as to create a deemed gift. The reference was answered in favour of the assessee and against the Revenue. Case-Laws Income Tax Wed, 19 Nov 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39108