High Court Confirms Shareholder Land Transfer as Legal, Even for Tax Avoidance; Section 10(38) Exemption Applies.

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....Exemption u/s 10(38) - If the share holder chooses to transfer the lands and part with the land to the purchaser of the shares, it would be a valid legal transaction in law and merely because they were able to avoid payment of tax, it cannot be said to be a colourable devise or a sham transaction or an unreal transaction - HC....