Family Settlement Share Transfer: Gifted Shares Not Taxable as Business Income Under Companies Act Provisions.

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....Capital gain on Transfer of share - family settlement - In the present case what have been transferred are stock in trade and not a capital asset. Further, in the present case there is a provision in the articles of association of making the gift thus, it meets the provisions of the companies act also. - Gift made by a corporate entity, appellant to 4 different corporate entities, in absence of any consideration, no business income can be charged to tax in the hands of Donor appellant. - AT....