TaxTMI 
TaxTMI 
1996 (9) TMI 120
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....rence to the High Court under the provisions of the Gift-tax Act, 1958 (the judgment and order of the High Court is reported in [1982] 134 ITR 492). The reference pertained to the reconstitution of a partnership firm carrying on business in the name of Shah Chhaganlal Ugarchand Akkolkar at Nippani on January 1, 1964 and November 19, 1968, when fresh deeds of partnership came to be executed. The r....
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....14 paise and that of his son increased from 9 to 14 paise established that there had been a taxable gift of the 5 paise share of profits. The High Court was right in holding, having regard to the recitals of the deed of partnership, that it was not possible to make out any transfer of property as such by any particular individual in favour of another individual so as to result in a gift. To find o....
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.... a corresponding increase so far as the son was concerned did not lead to the inference that the five paise share of the father had been transferred to the son. This was the position also in regard to the subsequent alterations in the profit sharing arrangements of the firm, to which the other questions related. That the share of one partner is decreased and that of another partner corresponding....