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2004 (1) TMI 36 - HC - Income TaxGift - "(1) Whether the Appellate Tribunal is right in holding that there was no deemed gift when the assessee relinquished his share in the partnership firm in favour of the new incumbent partner? Tribunal was right in holding that there was no deemed gift when the five assessees relinquished their shares in the partnership firm in favour of the new partner. Since the five assessees received their capital to the aforesaid extent, it cannot be said that the assessees had relinquished their shares in the partnership firm in favour of the new partner without any consideration. - Accordingly, we answer question No. 1 in the affirmative, i.e., in favour of the assessee and against the Revenue.
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