SUPREME COURT OF INDIA
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SPECIAL LEAVE TO APPEAL (C) NO. 953 OF 2009
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Deputy Commissioner of Gift Tax-II, Bangalore....................................................Appellant.
v.
BPL Ltd. .............................................................................................................Respondent |
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KURIAN JOSEPH AND ROHINTON FALI NARIMAN, JJ.
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| Date :MARCH 29, 2016 |
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| Appearances |
Yashank Adhyaru, Sr. Adv., Ms. Rashmi Malhotra, Ms. Soumya Sinha, R.K. Verma and B.V. Balaram Das, Advs. for the Petitioner.
Arvind P. Datar, Sr. Adv., Nikhil Nayyar and N. Sai Vinod, Advs. for the Respondent.
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Section 6 of the Gift Tax Act, 1958 read with rule 2 of Schedule-II of the Gift Tax Rules, 1958 — Gift — Valuation — SLP granted against High courts ruling that where shares transferred which were subject matter of gift tax proceedings belongs to promoters and were prevented from being traded in stock exchange during the lock in period same could not be subject matter of quotation in stock exchange and as a class this could not fall within the definition of quoted shares — Deputy Commissioner of income Tax vs. BPL ltd
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ORDER
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1. I.A. No. 1 of 2009 in SLP (C) 10303 of 2007 for recalling of court's order dated 27.07.2007 is allowed.
2. Delay condoned.
3. Leave granted in both the matters.
4. Hearing expedited.
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[2016] 240 TAXMAN 301 (SC) |
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