Court : Income Tax Appellate Tribunal ITAT Lucknow
Decided on : Apr-24-2003
Reported in : (2003)80TTJLuck625
..... property in the shares to the transferee gets completed by the delivery of the share certificate and execution of transfer deed, etc. section 108 of the companies act, which deals with the transfer of shares and debentures provides that transfer cannot be registered except on production of instrument of transfer. thus, section 108 regulates registration of transfer of shares. for transfer of shares ..... transfer of shares by the assessee. he also submitted that the transfer of shares or sale of shares is to be done in accordance with the provisions of the companies act and the company shall not register the transfer of shares, unless transfer instrument is duly executed by both the parties and duly stamped, etc. and the share are also delivered. according to ..... madras high court held that the transfer of interest in the shares from the transferor to the transferee is independent of the requirement of its registration for the purposes of companies act., as without an interior transfer, there can be no question of applying for registration of it.it was held by the hon'ble court that there should first be a ..... executing the contract of sale. however, since the transfer of shares involves acquisition of certain rights and interest in such property by the purchaser of shares, the provisions of the companies act, which regulate the mode of acquiring such rights also become relevant.43. the issue relating to mode of transfer of shares came before the hon'ble supreme court of india .....Tag this Judgment!