1984 (8) TMI 114

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....er having 1/16th share in a firm styled as M/s Gajat Theatre. The said firm was dissolved on 31st Dec., 1971 and Sanjiv Kumar, as per the dissolution deed executed, which is placed on record, went out of the same. With effect from 1st Jan., 1972, Miss Manjari was taken as a 1/4th partner in the said firm and she made an initial deposit of Rs. 50,000. Manjari was fiance of Sanjiv Kumar, who later o....

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....isputing the said order of the AAC, the ld. Sr. Departmental Representative Mr. R. K. Bali relied on number of judgments which are CGT vs. Premji Trikamji Jobanputra (1982) 133 ITR 317 (Bom), CGT vs. A. M. Abdul Rahman Rowther (1973) 89 ITR 219 (Mad) and CGT vs. V. A. M. Ayya Nadar (1969) 73 ITR 761 (Mad) and mainly highlighted the facts shown by the GTO in her order. The ld. counsel for the asses....

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....0,000 as capital. On the basis of above facts alone, Sanjiv Kumar could not be brought into the net of gift-tax liability because Sanjiv Kumar had 1/16th share whereas Manjari got 1/4th and she got the same against contribution of capital of Rs. 50,000. 4. Reliance of the ld. Sr. Departmental Representative on the case of Premji Trikamji Jobanputra is misplaced because in that case, as a res....

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....ere is any capital contribution by or on behalf of the minors, who are admitted to the benefits of the partnerships, there can be no gift in respect of the goodwill." The above said case, instead of the Revenue's contention supports the contention of the assessee. Similarly, reliance on the case of A. M. Abdul Rahman Rowther is misplaced, which was relied upon by the ld. Sr. Departmental Repres....