Supreme Court · 2003 INSC 259 · Decided 25 April 2003
M/S. Sree Narayana Chandrika Trust v. Commissioner of Gift Tax, Kerala
- Court
- Supreme Court of India
- Citation
- 2003 INSC 259 · [2003] 3 S.C.R. 958
- Case number
- CIVIL APPEAL No. 1427/2001
- Decided
- 25 April 2003
- Bench
- BRIJESH KUMAR, B.N. SRIKRISHNA (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
Headnote
Gift Tax Act, 1958-Section 4(/)(a)-Gift Tax-Relinquishment of profit/ loss share by a partner in favour of newly inducted partner upon reconstitution C of the firm-Share of newly inducted partner not proved to be for inadequate consideration-Held: Such relinquishment does not amount to taxable having 45% profit/loss share in the firm. The partnership was reconstituted inducting a new partner in the firm who made her contribution towards D the capital and she was given 12% share. As a result of reconstitution, shares of all the partners were reshufned and the appellant's share was
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