Supreme Court · 1970 INSC 96 · Decided 20 April 1970
Commissioner of Income-Tax, West Bengal, Calcutta v. Shri Prem Bhai Parekh and ORS.
- Court
- Supreme Court of India
- Citation
- 1970 INSC 96 · [1971] 1 S.C.R. 308
- Case number
- CIVIL APPEAL No. 2272/1966
- Decided
- 20 April 1970
- Bench
- J.C. SHAH, K.S. HEGDE, A.N. GROVER (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
Indian Income-tax Act ( lJ of 1922), s. 16(3 )(a)(iv)-Lncome arising as a result of transfer-What is. The assessee was a partner in a firm. On the last day of the account- B ing year of the ftrin, namely, lst July 1954 he retired 'from the firm and C gifted to each of his four so~1s Rs. 75,000. son, who was a major, became a partner in the firm. The other sons who were minors, became entitled to the benefits of the partnership, because, they invested in the firm the amounts received by them as gifts from their father. In the assessment year 1956-57 the Income-tax Officer held that the
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