1993 (3) TMI 10 - HC - Income Tax

Summary

The High Court of Kerala ruled that the retirement of a partner from a firm does not constitute a gift, based on previous decisions. The court held that no gift-tax is applicable in such cases. The decision was made in response to a question referred by the Income-tax Appellate Tribunal, Cochin Bench. The judgment favored the assessee and dismissed the Revenue's claim for gift-tax.