REVA INVESTMENT PVT.LTD. vs COMMNR.OF GIFT TAX,GUJARAT-II

The Supreme Court examined the applicability of the Gift Tax Act, 1958, specifically Section 26(1), in a case where the assessee transferred jewellery to its wholly owned subsidiaries. The Court held that the difference in value between the jewellery and the shares received did not constitute a 'deemed gift' under the Act, as the only asset of the subsidiaries was the jewellery itself. The Court upheld the Tribunal's decision, ruling in favor of the assessee and against the Revenue.