Capital Gain Tax Not Payable On Transfer Of Shares By Way Of Gift: Bombay High Court

Mumbai, 8th March 2024 - In a significant legal development, M/s. Jai Trust, represented by Mr. Navin C. Ashar and Mr. Bipin N. Jani, has filed a writ petition (Writ Petition No.71 of 2016) in the Bombay High Court challenging the legality and validity of a notice issued under Section 148 of the Income Tax Act, 1961 (the Act). The notice, dated 12th March 2015, sought to reopen the assessment…