Khoday Distilleries 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, Companies Act 1956, Income Tax Act 1961 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 issue shares constitutes 'gift' under Section 2(xii) of the Gift Tax Act 1958 --- Held No; Whether issuance of bonus shares constitutes 'gift' under the Gift Tax Act 1958 --- Held No

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