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TMI Blog1985 (8) TMI 113X X X X Extracts X X X X X X X X Extracts X X X X ..... th 20 per cent share. Thus the assessee's share was reduced to 30 per cent as his son was given 20 per cent share. The GTO held that the assessee had foregone 20 per cent of his profit sharing rights without adequate consideration in favour of his son and this is reliable to be taxed under the GT Act. He determined the that value of the gift at Rs. 54,977. On appeal the AAC upheld the same. 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no gift involve. In TIR No. 269 of 1979 in the case of CGT vs. V. M. Philip, the Kerala High Court vide its judgment dt 1st Aug. 1984 held that contribution of capital by the incoming partner is adequate consideration and there is no gift. In D. C. Shah Others vs. CGT (1982) 134 ITR 492 (Kar) the Karnataka High Court held that when there is capital contribution that would be adequate considerat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s clearly distinguishable as in that case the father relinquished his right for future profits by 8% and conferring a benefit in favour of the minors to the extent of 8 per cent who are were admitted to the benefits of partnership. In that case there was no contribution of capital by the minors who were admitted to the benefit of partnership Hence that case is distinguishable. In our view, since t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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