1982 (7) TMI 152

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..../1/80-81. The assessment year involved in this appeal is 1975-76. 2. For the asst. yr. 1975-76, a notice under s. 16(1) of the GT Act, 1958 was served on the assessee. In response to this notice, the assessee filed a return of gift admitting 'Nil' gift. According to the facts of this case, the assessee was running a business in the name M/s Raj Mineral Works, Sanathnagar, Hyderabad. For the yea....

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.... 3. Before the AAC, it was contended that no gift was required to be considered in the hands of the assessee. Since the AAC was also of the view that the parting of 25 per cent of income from her business in favour of the minor son was without consideration, he came to the conclusion that the order passed by the GTO was in order. Not satisfied with the order passed by the AAC, the assessee filed....

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....x of M/s Raj Mineral Works, Hyderabad doing business of mining of Quartz Stones and manufacturing the Silica Sand. She has converted the proprietary business into partnership w.e.f. 1st July, 1974 as per partnership deed dt. 1st July, 1974 in which she became a partner sharing 50 per cent of profits and 75 per cent in losses and Shri Anand Raj Singh, a major son became a partner with 25 per cent s....

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....e Gujarat High Court observed on facts arising in that case that the minors were admitted to the benefits of the partnership with the consent of all the partners and, therefore, it could not be said that when there was a reconstitution consequent to admission of minors there would be a transfer of property within the meaning of s. 2 (xxiv) of the GT Act. But, however, in the case of CGT, Gujarat-I....