Supreme Court of India
Reva Investment Pvt. Ltd. v. Commissioner of Gift Tax, Gujarat Ii
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From the headnote
Gift Tax Act, 1958-Sections 2(xii) and 4(l)(a)-Transfer of jewellery worth Rs. 13,91,350 to wholly owned subsidiary companies in return of allotment of fully paid equity shares of total face value of Rs. 5,69,400- Deemed Gift-Inadequate consideration-Held, there is no deemed gift since the value of the shares transferred in consideration is based on the value of the jewellery. Assessee-Company transferred its jewellery to its twelve wholly owned subsidiary companies, which in return allotted fully paid equity shares of total face value of Rs. 5,69,400. After the transfer, the jewellery
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