1983 (3) TMI 115

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..... ormation of the partnership. 2. The ITO completed the assessment of the firm for the assessment year 1978-79 on7-3-1981. This is what he stated in that order : " During this year Smt. Sharda Gupta was admitted to the partnership firm vide partnership deed dated12-4-1977with effect from1-4-1977. As per preamble to the partnership deed Kumari Sharda daughter of Shri Vasudev was betrothed to Shri Ashok Kumar Gupta, son of Shri Hari Ram Gupta. Regarding the details of investment made by her of Rs. 50,000 in the firm she had received gifts of Rs. 13,000 and Rs. 12,500 from Smt. Annapurna Devi Gupta and Hari Ram Gupta, who are her mother-in-law and father-in-law respectively. Vide this office letter dated 4-2-1981 the assessee-firm was specif .....

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..... 1980-81. (It was stated before me by the assessee's authorised representative Shri K. Sampath that this was because, having no taxable income, she did not file any returns for the assessment years 1978-79 and 1979-80.) The ITO completed the assessment of the assessee for the year under appeal here with the following observations : " The only source of income is share income from Textile Centre. As per assessment of the firm dated18-2-1982, the assessee's share income comes to Rs. 33,525. She became partner in this firm by investing Rs. 50,000, out of this investment of Rs. 50,000 she got gifts of Rs. 12,500 and Rs. 13,000 from her father-in-law, Shri Hari Ram and mother-in-law, Smt. Annapurna Devi. As per records of the firm it was clear .....

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..... ome as arises directly or indirectly--- (vi) to the son's wife, or son's minor child, of such individual, from assets transferred directly or indirectly on or after the 1st day of June, 1973, to the son's wife or son's minor child by such individual otherwise than for adequate consideration ; and " According to Shri Sampath when Smt. Annapurna Devi and Shri Hari Ram Gupta made the cash gifts, there was no transfer by them to their son's wife because as on the date of the gifts, the assessee had not been married to Shri Ashok Kumar Gupta. Shri Sampath invites attention to the copy of the wedding invitation at page 14 of the paper book. This shows the date of wedding as8-5-1977whereas the cash gifts were on the following dates : Name of .....

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