1990 (6) TMI 67

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... r opinion under section 26(1) of the Gift-tax Act, 1958 : "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the settlement in trust of the 150 equity shares of Lallubhai Amichand Pvt. Ltd. effected by the assessee amounted to a gift in part and is hence to be brought to tax to that extent under the provisions of the Gift-tax Act, 1958 ? .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... cases of Shardaben Jayantilal Mulji v. CWT [1977] 106 ITR 667 and K. M. Sheth v. CGT [1988] 170 ITR 406 and that, in view thereof, it has to be held that the settlement in trust of the 150 equity shares of Lallubhai Amichand Pvt. Ltd. by the assessee amounted to a gift taxable under the Gift-tax Act, 1958. He, however, faintly argued that the Tribunal had given a finding that the settlement herein .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X