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2002 (7) TMI 11 - HC - Income TaxGift Tax Act, 1958 - taxable gift - "Whether, the Appellate Tribunal is right in law and on facts in holding hat when the assessee had reduced his share in partnership firm from 25 per cent. to 4 per cent., there was no taxable gift ?" - facts brought on record by the assessee are that the partner whose share was reduced from 25 per cent. to four per cent. was 80 years of age and was totally blind and, therefore, was physically unfit for continuing as a partner of the firm and, therefore, it was necessary to transfer his right to share partnership profits to the other partners - Accordingly, our answer to the question referred to us is in the affirmative, i.e., in favour of the assessee and against the Revenue
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