November 2002

Gift Tax Act, Sec. 4(1)(a)

Madras H.C : Whether, on the facts and in the circumstances of the case when the proprietary concern was converted into a partnership with a capital contribution of other partners and when share of profits is commensurate with it, such conversion of the proprietary business into partnership could be treated as gift under the GT Act, 1958 ?

High Court Of Madras K. Shanmuganathan vs. Commissioner Of Gift Tax Section GT 4(1)(a) N.V. Balasubramanian & K. Raviraja Pandian,

Sec. 28(i), Section 22

Madras H.C : Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the rental income derived from the leasing out of the property at Cathedral Road, Madras, should be assessed under the head “profits and gains of business or profession” only and not under the head “income from house property” ?

High Court Of Madras CIT vs. Sanmar Holdings Ltd. Sections 22, 28(i) Asst. Year 1984-85, 1985-86, 1986-87 N.V. Balasubramanian &

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