{"id":125035,"date":"1991-01-16T00:00:00","date_gmt":"1991-01-15T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/commissioner-of-gift-tax-vs-g-l-nallure-gowda-on-16-january-1991"},"modified":"2019-02-01T09:18:55","modified_gmt":"2019-02-01T03:48:55","slug":"commissioner-of-gift-tax-vs-g-l-nallure-gowda-on-16-january-1991","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/commissioner-of-gift-tax-vs-g-l-nallure-gowda-on-16-january-1991","title":{"rendered":"Commissioner Of Gift-Tax vs G.L. Nallure Gowda on 16 January, 1991"},"content":{"rendered":"<div class=\"docsource_main\">Karnataka High Court<\/div>\n<div class=\"doc_title\">Commissioner Of Gift-Tax vs G.L. Nallure Gowda on 16 January, 1991<\/div>\n<div class=\"doc_citations\">Equivalent citations: 1992 194 ITR 224 KAR, 1992 194 ITR 224 Karn<\/div>\n<div class=\"doc_author\">Author: K S Bhat<\/div>\n<div class=\"doc_bench\">Bench: K S Bhat, R Ramakrishna<\/div>\n<\/p>\n<pre><\/pre>\n<p>JUDGMENT<\/p>\n<p> K. Shivashankar Bhat, J. <\/p>\n<p> 1. The two questions referred for our answer under the provisions of the Gift-tax Act read thus :\n<\/p>\n<p> &#8220;1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in law in holding that there is no taxable gift on account of the induction of Manjunath, who was given 15 per cent. share as partner and thereby reducing the share of the assessee from 35 per cent. to 20 per cent. ?; and  <\/p>\n<p> 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in law in coming to the conclusion that it is not necessary to go into the valuation of the gift ?&#8221;\n<\/p>\n<p> 2. Both the questions are to be answered in the affirmative and against the Revenue following the decision of this court in Shah (D. C.) v. CGT . Reference in answered accordingly.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karnataka High Court Commissioner Of Gift-Tax vs G.L. Nallure Gowda on 16 January, 1991 Equivalent citations: 1992 194 ITR 224 KAR, 1992 194 ITR 224 Karn Author: K S Bhat Bench: K S Bhat, R Ramakrishna JUDGMENT K. Shivashankar Bhat, J. 1. The two questions referred for our answer under the provisions of the Gift-tax [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,20],"tags":[],"class_list":["post-125035","post","type-post","status-publish","format-standard","hentry","category-high-court","category-karnataka-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Commissioner Of Gift-Tax vs G.L. 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