1990 (2) TMI 18 - HC - Income Tax

Summary

The High Court of Madras dismissed the tax case petition where the Revenue sought a direction to refer questions of law regarding the cancellation of assessment due to a partner's retirement from a firm. The court upheld the Tribunal's decision that there was no taxable gift as the retired partner had no further claim against the firm and had no right to future profits. Costs awarded Rs. 250.