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        Income Tax

        1991 (3) TMI 49 - HC - Income Tax

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        Reconstitution of Firm Share Not Taxable as Gift under Gift-tax Act The High Court of Karnataka held that relinquishment of a share in a firm due to reconstitution does not constitute a gift under the Gift-tax Act and is ...
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Reconstitution of Firm Share Not Taxable as Gift under Gift-tax Act

                              The High Court of Karnataka held that relinquishment of a share in a firm due to reconstitution does not constitute a gift under the Gift-tax Act and is not taxable, following precedent set in D. C. Shah v. CGT [1982] 134 ITR 492.


                              The High Court of Karnataka ruled that the relinquishment of a share in a firm due to its reconstitution does not amount to a gift under the Gift-tax Act and is not taxable. The decision is based on a previous court ruling in D. C. Shah v. CGT [1982] 134 ITR 492.
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