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Law doesn't restrict corporates to make gifts; no capital gain on shares gifted by NBFC to group concerns

March 8, 2019[2019] 103 118 (Mumbai - Trib.)

IT : Transfer of shares without consideration, by assessee - NBFC to its group concern, by way of gift are valid, permissible and genuine. They are exempt from provisions of capital gain by virtue of provisions of section 47(iii) of Income-tax Act, 1961

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