1996 (1) TMI 122 - HC - Income Tax

Summary

The High Court of Madhya Pradesh ruled that the assessee was not liable to pay gift-tax due to the reconstitution of the partnership. The Tribunal found no basis to levy gift-tax as the conditions for determining a gift were not met. The court upheld the decision of the Appellate Assistant Commissioner and dismissed the Departmental appeals. The references were answered against the Revenue and in favor of the assessee.