Supreme Court clarifies valuation of locked-in shares under Gift Tax Act: Deputy Commissioner of Gift Tax vs. BPL Limited (2022) LEGAL ISSUE: How to value shares with a lock-in period for gift tax purposes. CASE TYPE: Gift Tax Case Name: Deputy Commissioner of Gift Tax vs. M/s BPL Limited [Judgment Date]: 13 October 2022 Date […]
Supreme Court clarifies Wealth Tax on Clubs: Bangalore Club vs. Commissioner of Wealth Tax (2020) LEGAL ISSUE: Whether a members’ club is liable to pay wealth tax as an association of persons when the shares of its members are not indeterminate. CASE TYPE: Tax Law Case Name: M/S BANGALORE CLUB vs. THE COMMISSIONER OF WEALTH
Date of the Judgment: October 13, 2017 Citation: (2017) INSC 939 Judges: A.K. Sikri, J., Ashok Bhushan, J. When assessing wealth tax, how should a cinema building be valued? Should it be based on its income or the value of the land and building? The Supreme Court of India recently addressed this question, clarifying the
