Commissioner Of Gift Tax vs P. Gheevarghese, Travancore Timber& Products
Whether the goodwill of the assessee's business constituted an existing property and was subject to gift tax upon conversion of proprietary business into partnership --- Held No; Whether the gift of Rs. 50,000 to daughters was exempt under Section 5(1)(xiv) of the Gift Tax Act as made in the course of and for the purpose of business --- Held No.
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