CONTROLLER OF ESTATE DUTY, MYSORE vs S. ASWATHANARAYANA SETTY AND — 1971 PTD 482

Citation: 1971 PTD 482

Court: Mysore High Court

Year: 1970

Decision Date: 1970-12-31

Parties: CONTROLLER OF ESTATE DUTY, MYSORE vs S. ASWATHANARAYANA SETTY AND JUDGMENT

Headnotes

Case cited as 1971 PTD 482

Judgment Text

Court Name: Mysore High Court Judge(s): K. S. Hedge, C. Honniah Title:CONTROLLER OF ESTATE DUTY, MYSORE vs S. ASWATHANARAYANA SETTY AND JUDGMENT Reported As: 1971 PTD 482 Result: N/A Judgment JUDGMENT HEGDE, J.-The deceased, Sri Sivanagere Subbiah, was partner in the firm of Messrs S. Subbiah and Raja Rama-- krishnaiah, Sira, under a partnership agreement dated November 28, 1947. The deceased had a half share in the said business. The capital standing to the credit of the deceased in the books of the firm as on June 30, 1954, was Rs. 1,07,148. On June 30, 1954, this amount was divided into three parts of four annas, two annas and two annas,respectively, and the two shares of two annas each in the capital were transferred to the accounts of the two sons of the deceased, viz., S. Aswa thanarayana Setty and S. Venkateshiah. The shares so transferred to the accounts of the sons amounted to Rs. 28,796 each. With effect from July 1, 1954, the partnership consisted of the deceased, his two sons and Raja Ramakrishnaiah and his son, Raja Sanjiviah, the profit sharing ratio being four annas for the deceased, two annas each for his two sons and four annas each for Ramakrishnaiah and his son. A fresh partnership deed was duly drawn up on this basis and this re- constituted firm continued to exist till the death of the deceased on November 16, 1957. A copy of the partnership deed dated July 1, 1954, together with a free English translation of the same is Appendix "A" and forms part of…

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