- (1.) The respondents have been served in these appeals but have not entered appearance.
(2.) These appeals arise out of a reference to the High Court under the provisions of the Gift Tax Act, 1958 . (The Judgement and order of the High Court is reported in D.C. Shah V/s. CGP.)
(3.) The reference pertained to the reconstitution of a partnership firm carrying on business in the name of Shah Chhaganlal Ugarchand Akkolkar at Nippani on 1-1-1964 and 19-11-1968, when fresh deeds of partnership came to be executed. The reference was of six questions. The first question is illustrative of the issue involved, and it reads thus: "Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that there was a taxable gift by the assessee when his share of profit in the firm was reduced from 19 paise to 14 paise and thus of his son, Kiran D. Shah was increased from 9 paise to 14 paise -;