9911796707
TMI Blog1981 (1) TMI 145X X X X Extracts X X X X X X X X Extracts X X X X ..... arises from the Tribunal's order dt. 4th Aug., 1980, GTA No. 17/JP/79, asst. yr. 1976-77 to the Hon'ble High Court for its opinion: Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that there was no deemed gift under s. 4(1)(c) for the Gift-tax Act, 1958 by the assessee in favour of his three sons? 2. As no referable question arises from the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ange in the constitution of the firm. Prior to the change, the profit-sharing ratio of the partners was 80 per cent and 20 per cent in respect of Shivlal Sharma and Ramesh Chand Sharma respectively. w.e.f. 30th Nov., 1974, the profit sharing ratio became 45 per cent, 25 per cent, 15 per cent. So the ld. ITO was of the view that there was gift to the extent of 15 per cent in the case of Suresh Shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... firm and he will be in a better position to understand the psychology of the customers. Thus, in his case also, there was no transfer without any consideration. It was further contended that all the parties to the agreement also agreed to bear the losses. So, this was itself a consideration in the business. Thus, according to the learned counsel, there was no gift or deemed gift within the provisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n these facts, the Tribunal held that there was no gift within the meaning of s. (4)(1). There being a clear finding of fact that agreement was not without consideration. We hold that no question of law arise from the finding of the Tribunal. It is self-evident from the finding of the Tribunal that there was no gift within the meaning of s. 4(1). 7. For the reasons, we reject the contention of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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