Guwahati Court June 1995 Judgments

Commissioner of Gift-tax Vs. Smt. Nirja Saharia (Minor)

Court: Guwahati

V. Dutta Gyani, J. 1. The Tribunal has referred the following question for this court's opinion :'Whether, on the facts and in the circumstances of the case, the Tribunal was justified in confirming the order of the Appellate Assistant Commissioner of Gift-tax cancelling the gift-tax assessment on the ground that there was no gift from the minor admitted to the benefits of the partnership in favour of the continuing partners when the minor withdrew from the partnership and her share was taken by the continuing partners ?'2. A few basic facts may now be noted. The assessee was a minor who was admitted to the benefits of a partnership firm, named and styled as, Sarda Trading Corporation. The said firm was reconstituted with effect from September 1, 1973, and the assessee was excluded from the partnership benefits. The Gift-tax Officer was of the opinion that as the assessee has surrendered her share in the goodwill of the firm she is liable to be taxed under Section 4(1) and 4(1)(c) of ...