1984 (8) TMI 53 - HC - Income Tax

Summary

The High Court of Kerala ruled in favor of the assessee in a gift tax case involving the conversion of a proprietary business into a partnership. The court held that the sum of Rs. 1,00,000 contributed by the son was consideration for the assets transferred, and only the balance amount of Rs. 44,787 was liable for gift tax. The Tribunal's decision was upheld, and each party was directed to bear their own costs.