1993 (3) TMI 10

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..... ate Tribunal, Cochin Bench, has referred the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that there is no gift involved in the retirement of the assessee from the firms ?" The respondents are assessees to gift-tax, We are concerned with the assessment year 1977-78. A common question of .....

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..... the decision of this court. We heard counsel for the Revenue, Mr. N.R.K. Nair. At the time of hearing, it was agreed that an identical question arose for the consideration of this court in CGT v. T. M. Luiz Kannamally [1989] 180 ITR 257 and this court held that on the retirement of a partner, there is only a readjustment of the rights between the retiring partner and the continuing partners i .....

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..... In the light of the Bench decision in CGT v. T.M. Luiz Kannamally [1989] 180 ITR 257 (Ker) and our own decision in Income-tax Reference No. 14 of 1990 (see 149941 210 ITR 976), we are of the view that the Appellate Tribunal was justified in holding that no gift exigible to tax was involved in both the cases. We answer the question referred to this court in the affirmative, against the Revenue a .....

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