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2002 (9) TMI 18 - KERALA HIGH COURTGift 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?" - In view of our judgment in CGT v. P.K. Somarajan Pillai, the question specified above has to be answered in the affirmative, i.e., in favour of the assessee and against the Revenue. We answer the question accordingly.
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