The Commr.of Gift Tax,Cochin v. P.K.Varathappan,Pazhanji
Case brief
What is this about?
Revenue filed a reference petition under Section 26(3) of the Gift-tax Act, 1958. The court held that the legal question regarding gift liability upon a partner's retirement was already settled by the Supreme Court, rendering a reference unnecessary. Consequently, the petition was rejected.
What did the court decide?
The original petition filed by the Revenue is rejected; no case is stated.
What the court decided
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT :
THE HONOURABLE THE CHIEF JUSTICE MR.H.L.DATTU
&
THE HONOURABLE MR. JUSTICE K.T.SANKARAN
THURSDAY, THE 19TH JULY 2007 / 28TH ASHADHA 1929
OP.No. 5799 of 1997(M)
R.A.NO.64/1995 IN GTA 36/1985 OF THE INCOME TAX APPELLATE TRIBUNAL, COCHIN BENCH
PETITIONER:
THE COMMISSIONER OF GIFT-TAX, COCHIN.
BY STANDING COUNSEL FOR GOVT. OF INDIA (TAXES) MR.GEORGE K.GEORGE
Issues for consideration
2 issues framed by the court
Whether a partner retiring from a firm transfers rights to remaining partners constituting a taxable gift under the Gift-tax Act.
Whether the Revenue is entitled to refer a legal question already settled by the Supreme Court for decision.
Parties & counsel
- petitioner
Commissioner of Gift-Tax, Cochin
- respondent
Shri.P.K.Varathappan
Coram
H.L.Dattu
Case details
As recorded by the court registry
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