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1994 (5) TMI 47 - ITAT COCHINExtract: .......he consideration received by the retiring partners and two of the continuing partners for parting with their rights in goodwill and capital appreciation of the firm was inadequate so as to attract the provisions of s. 4(1) of GT Act. For these reasons, we cancel the levy of gift-tax in each of these cases. 7. In the result, the appeals are allowed.
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