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2001 (9) TMI 7 - GUJARAT HIGH COURTGift Tax Act, 1958 - "Whether, on the facts and in the circumstances of the case, the assessee was liable to gift-tax under the Gift-tax Act, 1958 ?" – There is no dispute about the fact that upon his retirement from the firm, the assessee withdrew the capital from the firm. Hence, it was not a case of the assessee making any gift of his capital in the firm in favour of his mother or brother. Hence assessee was not liable to gift-tax - Accordingly, our answer to the question is in the negative, i.e., in favour of the assessee and against the Revenue.
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