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2002 (9) TMI 17 - HC - Income TaxGift Tax Act, 1958 - "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that no element of gift was involved when the assessee retired from the firm in which he was a partner?" - we are of the view that the Tribunal was perfectly justified in holding that when a partner retires from a partnership firm there is no element of gift involved. In the above circumstances, we answer the question referred in the affirmative, i.e., in favour of the assessee and against the Revenue.
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