1980 (9) TMI 123 - AT - Wealth-tax

Summary

The appeal was filed by the assessee for the assessment year 1976-77 against the order of the AAC regarding a deemed gift due to retirement from a partnership firm. The ITAT Jaipur held that there was no right to share future profits upon retirement, based on a decision by the Madras High Court, and allowed the appeal. (Case: 1980 (9) TMI 123 - ITAT JAIPUR)