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2002 (7) TMI 12 - GUJARAT HIGH COURTGift Tax Act, 1958 - "Whether, Tribunal was right in law in holding that there was no gift by the assessee in favour of the two partners of the firm whose shares had increased after the retirement of the assessee?" - The two partners whose share was increased had not only agreed to share their losses but had also brought fresh capital when the assessee retired from the partnership firm. - decision of the apex court in D. C. Shah's case is clearly applicable and, therefore, the Tribunal was justified in taking the view that there was no gift made by the assessee in favour of two of the continuing partners. In view of the above discussion, our answer to the question is in the affirmative, i.e., in favour of the assessee and against the Revenue.
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