1985 (1) TMI 82

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....ulab Chand and Gulab Chand's son, Uma Shanker. On 14th Dec., 1977, Gulab Chand died and Narain Dass retired from the partnership. The partnership was thereafter re-constituted on 15th Dec., 1977, which consisted of Om Prakash and Uma Shanker and two new partner Smt. Suraj Mukhi, wife of Laxmi Narain and Km. Mamta, daughter of Om Prakash. Arvind Kumar, minor son of Shri Shrikishan was also admitted....

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....m. Mamta had a balance of Rs. 15,133 to their credit in the partnership accounts. It was also contended that these two newly admitted partners had also brought fresh capital of Rs. 35,325 and Rs. 8,250 respectively in the firm during that year. Thus, the case put up by the assessee, Narain Das before the AAC was that the new partners were admitted to the partnership for adequate consideration and ....

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....70 (MP) in which the case laws referred to by the parties before the AAC and the case of CGT vs. Premji Trikamji (1982) 133 ITR 317 (Bom) relied upon by the Departmental Representative have been discussed is, therefore, not necessary to dilate the arguments advanced by the respective representatives of the parties. 4. The Madhya Pradesh High Court, which referred to the case of CGT vs. Premji T....

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....partners is reduced and the same is pro rate given to the minors who are so admitted to the benefits of the partnership." 5. The Hon'ble High Court also observed that unless it was found that the alleged abandonment of interest by the assessee in the assets of the firm was higher in value than the liabilities of the firm, there could not be any gift or deemed gift within the meaning of the GT A....