Gift-Tax Officer vs Smt. Saralaben S. Mehta

Authority: ITAT Tribunal/Court: Cochin Date: 1986-11-20 Section: GT4(1)(a) Acts: Gift Tax Act 1958, Indian Partnership Act 1932 Result: Assessee Citation: (1987) 20 ITD (COCH) 69 Justices: M. R. Sikka, Vice President (SZ)(As A Third Member), T. V. Rajagopala Appeal No: GT Appeal No. 58/Coch/1983; Asst. yr. 1979-80
Whether the reduction of an existing partner's profit-sharing ratio from 30% to 25% upon admission of a new partner (who contributed capital and agreed to share losses) constitutes a taxable gift under section 4(1)(a) of the Gift Tax Act, 1958 --- Held No.

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