https://www.taxtmi.com/caselaws?id=55404 No deemed gift arose on the sale of jewellery to wholly owned subsidiaries where the jewellery's value was fully reflected in the value of the shares received by the assessee under the break-up method, so the gift-tax addition was deleted. By contrast, the question whether contribution of jewellery and shares as capital to a firm amounted to a transfer attracting the deeming provision under the Gift Tax Act required examination of the statutory definitions and complete facts, and that issue was remitted for fresh disposal after hearing both sides. en-us Thu, 11 Feb 1982 00:00:00 +0530 Fri, 26 Nov 2010 18:24:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55404 No deemed gift arose on the sale of jewellery to wholly owned subsidiaries where the jewellery's value was fully reflected in the value of the shares received by the assessee under the break-up method, so the gift-tax addition was deleted. By contrast, the question whether contribution of jewellery and shares as capital to a firm amounted to a transfer attracting the deeming provision under the Gift Tax Act required examination of the statutory definitions and complete facts, and that issue was remitted for fresh disposal after hearing both sides. Case-Laws Income Tax Thu, 11 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55404