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2004 (8) TMI 91 - HC - Income TaxGift Tax Act, 1958 - "Whether, on the facts and circumstances of the case, the Tribunal was right in holding that the conversion of the proprietary concern of the assessee into a partnership involved a gift which was not exempt under section 5(1)(xiv) of the Gift-tax Act, 1958?" - In the absence of any evidence to show that the transfer of the proprietary business into a partnership was in the course of the carrying on of the business or for the purpose of the business, we are of the view that the Commissioner of Income-tax (Appeals) is not justified in holding that the gift involved in the transfer is exempt under section 5(1)(xiv) - We agree with the reasoning given by the Tribunal and hold that the gift is not exempted under section 5(1)(xiv) of the Gift-tax Act.
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