Gift Tax Act, 1958

Satya Nand Munjal transferred 6,000 equity shares to a transferee in February 1982 under a deed that allowed revocation within a specified window. The transferee received 14,000 bonus shares during the period the gift was effective, and Munjal revoked the gift in June 1988, retaining the original shares but not the bon…

The Supreme Court heard appeals by three assessee brothers (Satya Nand Munjal, Brij Mohan Lal Munjal and Om Prakash Munjal) challenging High Court judgments that held they were liable to pay interest under section 168 of the Gift Tax Act, 1958 on tax assessed for the 1989‑90 assessment year. The issues were whether int…

The Deputy Commissioner of Gift Tax appealed against the valuation of shares gifted by M/s BPL Limited to M/s Celestial Finance Ltd. The shares, although listed, were promoter quota shares subject to a lock‑in period, raising the question of whether they were "quoted" for valuation purposes. The Supreme Court held that…