2002 (9) TMI 18 - HC - Income Tax

Gift Tax Act, 1958 - Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that no element of gift was involved when the assessee retired from the firm in which he was a partner? - In view of our judgment in CGT v. P.K. Somarajan Pillai, the question specified above has to be answered in the affirmative, i.e., in favour of the assessee and against the Revenue. We answer the question accordingly.

Summary

The High Court of Kerala ruled in favor of the assessee in a case involving retirement from a partnership firm, stating that no element of gift was involved. The decision was based on previous court rulings and affirmed by the Supreme Court. The judgment was delivered by Judges G. Sivarajan and C. N. Ramachandran Nair.