Dismissing the appeal of the revenue the Court held that the Tribunal is right in holding that transfer of shares by a series of transactions as long as there is no violation of nay law. There was a lacuna in law which had been addressed by the Finance Act, 2012 by introducing clause (xiii) to sub-clause (e) of section 49(1) with effect from April 1, 1999. Before the amendment, the assessment was complete. During the previous year relevant to the assessment year 2007-08, there was no transfer of shares by the assessee (individual/HUF) in favour of GBFL. The Tribunal on the basis of meticulous appreciation of evidence on record had recorded a conclusion in favour of the assessee.  Court also held that the Assessee has the right to arrange matters legally to avoid tax Tribunal right in holding that the transactions are genuine. Referred  Azadi Bachao Andolan (2003) 263 ITR 706 (SC) held that as long as arrangement of the assessee to avoid payment of tax does not contravene any statutory provision and is within the four corners of the law it cannot be found fault with. (AY. 2007-08)