1992 (6) TMI 16 - HC - Income Tax

Summary

The High Court of Kerala ruled that the retirement of a partner from a firm does not constitute a deemed gift under the Gift-tax Act. The Appellate Tribunal's decision was upheld, citing a previous court ruling. The question of law was answered in favor of the assessee. The judgment will be sent to the Income-tax Appellate Tribunal, Cochin Bench.