Supreme Court · 1971 INSC 255 · Decided 20 September 1971
Commissioner of Gift Tax Kerala v. GHEEVARGHESE. Travancore Timbers & Products, Kottayam
- Court
- Supreme Court of India
- Citation
- 1971 INSC 255 · [1972] 1 S.C.R. 817
- Case number
- CIVIL APPEAL No. 2293/1968
- Decided
- 20 September 1971
- Bench
- K.S. HEGDE, A.N. GROVER (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
Headnote
817 .Gift Tax Act 1958, s. 5(1) (xiv)-Proprietary business converted into partnership business-Proprietor's daughters taken as partners-AU assets of proprietary business transferred to partnership business-c-Daughters' con­ tribution of capital effected by transfer of money from father"s goodwill of proprietary firm also thereby gifted-Gifted amounts whether exempt under s. 5(1) (xiv)-Tests for exemption-"In the course of business and "for the purpose of the Cusiness', meaning of. The assessee wao the sole proprietor of a business in timber and timber products. He
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