Supreme Court of India
Deputy Commissioner of Gift Tax, Central Circle-ii v. M/s Bpl Limited
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What the Court ordered
In view of the aforesaid discussion, and for the reasons stated above, the present appeal by the Revenue is to be dismissed.
Judgment, page 18
From the headnote
Gift Tax Act, 1958 – ss.4, 6 and Schedule II – Weal th Tax Act,1957 – Schedule III, Part r.2(9) & r.2(11); Part , rr .9 & 11; and Part , r.21 – “Quoted” shares and “unquoted” shares – Equity shares in lock-in-period – Valuation of – Respondent-assess ee gifted 29,46,500 shares of M/s. BPL Sanyo Technologies Lim ited and 69,49,900 shares of M/s. BPL Sanyo Utilities and Appliances Lim ited to M/s. Celestial Finance Limited –Shares of M/s. PL Sanyo Technologies Limited and M/s. BPL Sanyo Utilities and Applian ces Limited, both public limited companies, were listed a nd quoted on the stock
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