NDLI: Satya Nand Munjal Vs. Commissioner of Gift Tax

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	Tax Gift Re-assessment
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Gift-tax Act, 1958 (18 of 1958)
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Allowed
Headnote	GIFT TAX ACT, 1958: 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 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 for Assessment year 1982-83.On 20.02.1982, the assessee executed a deed of revocable transfer of certain fully paid up equity shares in favour of the transferee, with a stipulation that the gift could be revoked on completion of 74 months but before expiry of 82 months from the date of transfer. In September, 1982 and May 1986, the company issued certain bonus shares to the transferee as holder of gifted equity shares. On 15.06.1988, the assessee revoked the gift of equity shares, which came back to the assessee, but the bonus shares continued with the transferee. Ultimately, the revocable gift made by the assessee was held valid by the ITAT and the High Court, and assessee liable to pay gift tax on the value of the gift in terms of r. 11 of the Gift Tax Rules, 1958. However, by reassessment order dated 24.03.1998, it was held that the assessee had surrendered his right to get back the bonus shares and the same were treated as gift by the assessee to the transferee. The assessee was taxed accordingly. The reassessment order was ultimately upheld by the High Court. Aggrieved, the assessee filed the appeal
Judge	Hon'ble Mr. Justice Madan Bhimarao Lokur
Neutral Citation	2013 INSC 49
Petitioner	Satya Nand Munjal
Respondent	Commissioner Of Gift Tax
SCR	[2013] 1 S.C.R. 492
Judgement Date	2013-01-22
Case Number	3914

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