COMMISSIONER OF GIFT TAX Vs. PRATYUSH BHARTIA

JUDGEMENT

(1.) THE Tribunal has referred the following question of law to this Court under s. 256(1) of the IT Act r/w s. 26(1) of the GT Act, 1958 :

(2.) THE year of assessment is 1979-80 for which the accounting period was year ended 31st Dec., 1978.

(3.) THE Tribunal has rightly pointed out that there was no restriction on the right to transfer the shares imposed by the Articles of Association in any way. What the Articles of Association had done was only to restrict the membership of the company to 50 and to restrict the public issue of shares but the shareholder was otherwise free to transfer the shares.