Supreme Court of India
Satya Nano Munjal v. Commissioner of Gift Tax
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
In view of the above, both the Civil Appeals are allowed and the impugned judgment and order of the High Court is set aside but without any order as to costs.
Judgment, page 10
From the headnote
GIFT TAX ACT, 1958: c s. 4(1) (c) - Gift to include certain transfers - Revocable gift of equity shares made by assessee in February 1982, finally held to be a valid gift - Bonus shares received by transferee as holder of equity shares - Gift revoked in 1988 within the window period - Re-assessment order seeking to 0 tax the assessee treating bonus shares as gift by assessee - Upheld by High Court - Held: Since High Court has not noticed the provisions of s. 4 (1) (c), matter remanded to it for consideration afresh, keeping in view the provisions of s. 4 (1) (c) as also the assessment order
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