Supreme Court of India
Commissioner of Gift Tax Kerala v. Gheevarghese. Travancore Timbers & Products, Kottayam
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the headnote
Gift Tax Act 1958, s. 5(1) (xiv)-Proprietary business converted into partnership business-Proprietor's daughters taken as partners-AU assets of proprietary business transferred to partnership business-c-Daughters' con tribution of capital effected by transfer of money from father"s account to c daughters' accounts-Whether share of goodwill of proprietary firm also thereby gifted-Gifted amounts whether exempt under s. 5(1) (xiv)-Tests for exemption-"In the course of business and "for the purpose of the Cusiness', meaning of. The assessee wao the sole proprietor of a business in timber and
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