Receipt of shares through family realignment amongst members of Late O.P Jindal's family not sham transactions

INCOME TAX : Assessee company claimed to have received shares from various companies as gift without paying any consideration. Assessing Officer held that benefit arose to assessee through receipt of shares from various companies holding same to be taxable under section 2(24)(iv). However, from MOU submitted by assessee company it could be clearly seen that it was a family arrangement and internal family realignment amongst members of family and could not be taken as gift. Thus, Assessing Office

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