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2004 (1) TMI 30 - HC - Income TaxGift - "Whether, Tribunal was right in law in holding that on reconstitution of partnership firm where the existing partner surrendered a portion of his share and the incoming partner brought in capital, the transaction did not amount to gift?" - In view of the finding given by the Tribunal that the incoming partners brought in capital to the partnership and in view of the aforesaid obligations of the incoming partners of sincerely and faithfully carrying on the business for the common advantage of the firm, there was adequate consideration and therefore the Tribunal rightly held that there was no gift. – Thus, we answer the common question in all the three references in the affirmative, i.e., in favour of the assessee
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