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Law doesn't restrict corporates to make gifts; no capital gain on shares gifted by NBFC to group concerns

March 8, 2019[2019] 103 118 (Mumbai)/[2019] 176 ITD 15 (Mumbai)

IT: Transfer of shares made as gift without consideration are not taxable under provisions of capital gains

IT: Residuary head of income under section 56 can be resorted to only if none of specific head is applicable to income in question and comes into operation only if preceding heads are excluded

IT: Where assessee company made investment in its group concern for commercial expediency, no disallowance could be made under section 36(l)(iii)

IT: Where for year in question, assessee had not earned any exempt income, disallowance under section 14A made by Assessing Officer was to be deleted

IT: Where nature and source of share premium received by assessee on issue of shares stood explained, no addition under section 68 could have been made

IT: In cases prior to assessment year 2013-14, assessee was not required to prove source of funds received since proviso to section 68 requiring to do so was introduced with effect from 1-4-2013

IT: Section 56(2)(viib) which seeks to tax amount received in excess of fair market value of shares is applicable only from assessment year 2013-14

IT: Where assessee was transferor and not recipient and moreover shares in question were those of listed companies, provisions of section 56(2)(viia) would not apply

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