Held  that the Transfer of Property Act, 1882 considers a company not only as a person but literally speaking as a living person a person with life. The same expression person in section 5 is transplanted in section 122 of the 1882 Act, which defines a “gift“. A cogent reading of sections 5 and 122 of the 1882 Act makes it clear that a company being a “living person” can transfer property by way of gift to another company. Further section 122 of that Act does not prescribe any attributes like “love and affection”. There is no restriction in law against a company making a gift of its property to another company. A transfer without consideration when claimed as a gift is always a gift. Further section 47(iii) of the Act, specifically provides that any transfer of a capital asset under a gift is not regarded as a transfer. Therefore the transfer of plots by the assessee-company by way of executing gift deed in favour of R Ltd., was a valid gift and not liable for capital gains tax. Consequently the question of invoking the provisions of section 50C of the Act did not arise. There was no infirmity in the order passed by the Commissioner (Appeals). Relied on  DP World P. Ltd. v. DY. CIT(2014) 162 TTJ 446 (Mum)(Trib)  Redington (India) Ltd. v. JT. CIT [2014)40 CCH 527 (Chennai) and DY. CIT v. KDA Enterprises P. Ltd(2015) 39 ITR 657/ 171 TTJ 1(Mum)(Trib)   (AY.2013-14)