Commissioner Of Gift Tax vs Chhotalal Mohanlal

Authority: Supreme Court Date: 1987-04-16 AY: 1963-64 Section: GT2(xii) Acts: Gift Tax Act 1958, Indian Partnership Act 1932 Result: Revenue Citation: (1987) 61 CTR (SC) 263 : (1987) 166 ITR 124 (SC) : (1987) 31 TAXMAN 512 Justices: R.S. Pathak, C.J.; Ranganath Misra & M.M. Dutt, JJ. Appeal No: Civil Appeal No. 2027 of 1974
Whether admission of minors to benefits of partnership with share in profits constitutes a taxable gift under Gift Tax Act 1958 --- Held Yes; Whether relinquishment of share in partnership goodwill in favor of minors constitutes transfer of existing property --- Held Yes

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