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2003 (11) TMI 21 - MADRAS HIGH COURTGift tax - Whether, Tribunal was right in law and had enough materials to hold that there was no gift or deemed gift involved in the transactions of admission of the company into the partnership and retirement of the partners resulting in dissolution of the firm? ; and - Whether, Tribunal was right in law in holding that clause 12 of the partnership deed came into operation to determine the rights of the retiring partners? – Both questions are answered in favour of the assessee, and against the Revenue.
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