Case Law Details
Case Name : Ratilal P. Patel Vs Gift Tax Officer (Gujarat High Court at Ahmedabad)
Related Assessment Year :
Courts :
All High Courts Gujarat High Court
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Under very similar circumstances, the Apex Court in the case of Sree Narayana Chandrika Trust Vs. Commissioner of Gift-Tax, reported in 261 I.T.R, page No.279, reversed the decision of the High Court and ruled in favour of the assessee by holding that such reconstitution of a firm would not result into any deemed gift. The question which the Apex Court considered was “whether on the facts and in the circumstances of the case, the Tribunal was right in law and fact in holding that even though the reconstitution of the firm resulted in the reduction of the share of profit of the assessee- trus...
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good Judgement !
CA. Subhash Chandra Podder ,FCA
Kolkata
18/05/2013