Supreme Court Allows Appeal in Gift Tax Case — Clarifies Allotment of Shares Does Not Constitute Gift. Citing the distinction between allotment and transfer, the court ruled that the company was not liable for gift tax under the Gift-tax Act, 1958....
The Supreme Court addressed a civil appeal concerning the applicability of gift tax on the allotment of rights shares and issuance of bonus shares by Khoday Distilleries Ltd. The appeal arose from a j...




