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1987 (4) TMI 73 - SUPREME COURTWhether, on the facts and in the circumstances of the case, the benefits of partnership given to minors, Kiritkumar Chhotalal and Deepak Kumar Chhotalal, was a gift under the Gift-tax Act, 1958 ? Held that:- Once goodwill is taken to be property and with the admission of the two minors to the benefits of partnership in respect of a fixed share, the right to the money value of the goodwill stands transferred, the transaction does constitute a gift under the Act. Since there has been no dispute about valuation of the goodwill as made by the Gift-tax Officer, with the conclusion that there has been a gift in respect of a part of the goodwill, the answer to the question referred has to be in the affirmative, that is, it constitutes a gift under the Act. The appeal is allowed and the conclusion of the High Court is reversed.
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