THE DEPUTY COMMISSIONER OF GIFT TAX vs M/S BPL LIMITED

The Supreme Court addressed the valuation of shares gifted by M/s. BPL Limited to M/s. Celestial Finance Limited, focusing on the applicability of the Gift Tax Act. The court clarified that the market value of the shares at the time of transfer, considering the lock-in period, is crucial for determining the taxable gift. Ultimately, the court upheld the valuation as per the provisions of the Gift Tax Act, ensuring compliance with the statutory requirements.