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of <h1>Supreme Court rules profit sharing change not taxable gift</h1> <h3>Commissioner Of Gift-Tax Versus DC. Shah And Others</h3> Commissioner Of Gift-Tax Versus DC. Shah And Others - [2001] 249 ITR 518, 169 CTR 92, 117 TAXMANN 361 The Supreme Court dismissed the appeals related to a partnership firm under the Gift-tax Act, 1958. The court held that a change in profit sharing ratio does not necessarily indicate a taxable gift. The burden of proving a gift lies with the Revenue, which was not met in this case. The appeals were dismissed, and no costs were awarded.
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