1981 (1) TMI 145

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....efer the following question said to arises from the Tribunal's order dt. 4th Aug., 1980, GTA No. 17/JP/79, asst. yr. 1976-77 to the Hon'ble High Court for its opinion: Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that there was no deemed gift under s. 4(1)(c) for the Gift-tax Act, 1958 by the assessee in favour of his three sons? 2. As no r....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... executed on 3rd Dec., 1974. There was change in the constitution of the firm. Prior to the change, the profit-sharing ratio of the partners was 80 per cent and 20 per cent in respect of Shivlal Sharma and Ramesh Chand Sharma respectively. w.e.f. 30th Nov., 1974, the profit sharing ratio became 45 per cent, 25 per cent, 15 per cent. So the ld. ITO was of the view that there was gift to the extent ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e will help to promote the business of the firm and he will be in a better position to understand the psychology of the customers. Thus, in his case also, there was no transfer without any consideration. It was further contended that all the parties to the agreement also agreed to bear the losses. So, this was itself a consideration in the business. Thus, according to the learned counsel, there wa....