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1 - 3 of 3 (0.21 seconds)Commissioner Of Income-Tax vs Jagatram Ahuja on 25 April, 1988
In coming to this conclusion, the CGT(A) relied upon the decision of the Andhra Pradesh High Court in the case of CIT vs. Jagatram Ahuja (1988) 172 ITR 632 (AP), and also placed reliance on the decision of the apex Court in the case of CIT vs. Chhotalal Mohanlal (1987) 166 ITR 124 (SC), M. H. Kuppuraj vs. CGT 1 (1985) 153 ITR 481 (Mad) and the Bombay High Court decision in the case of CGT vs. V. Premji Trikamji Jobanpatra (1982) 133 ITR 317 (Bom). The assessees plea alternatively was that assuming that release of interest in favour of the limited company (which tookover all the assets and liabilities of the firm for an agreed consideration), is deemed to be a gift, then it would be entitled to exemption under s. 5(1) (xiv) of the GT Act. This gift was in recourse of carrying on business and was in pursuance of the transfer of the business and, therefore, exemption would be available to the assessee.
Commissioner Of Gift Tax Gujarat vs Chhotalal Mohanlal on 16 April, 1987
He submitted that where there is reduction of share either on admission or on retirement, the same would be subject to levy of tax as has been held by Supreme Court in the case of CIT vs. Chota lal Mohanlal (supra).
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