Khoday Ditillerie Ltd. vs Commissioner Of Income Tax & Anr.

Authority: Supreme Court Date: 2008-11-14 AY: 1987-88 Section: GT2(xii), GT2(xxiv), GT4(1)(a) Acts: Gift Tax Act 1958, Income Tax Act 1961, Companies Act 1956 Result: Assessee Citation: (2008) 220 CTR (SC) 228 : (2008) 307 ITR 312 : (2009) 176 TAXMAN 142 : (2008) 15 DTR 126 Justices: S.H. Kapadia & B. Sudershan Reddy, JJ. Appeal No: Civil Appeal No. 6654 of 2008*
Whether allotment of rights shares by a company to its existing shareholders constitutes a 'gift' under Section 2(xii) of the Gift Tax Act, 1958 --- Held No. Whether issuance of bonus shares by a company involves any element of 'gift' under the Gift Tax Act, 1958 --- Held No.

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