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2007 (9) TMI 227 - JHARKHAND HIGH COURTWhether, on the facts and circumstances of the case, the Tribunal was justified in law to hold that the abandonment of ₹ 1,99,211 which is the share of the investment allowance reserve by the assessee in favour of the firm, i.e., M/s. Kapoor Brothers is not a deemed gift under section 4(1)(c) of the Gift-tax Act? Held that:- Following the ratio decided by the Supreme Court in T.M. Louiz [2000 (9) TMI 68 - SUPREME Court] have no option but to hold that merely because the assessee abandoned or did not claim any share in the investment allowance reserve, the same shall not be treated as a deemed gift within the meaning of section 4(1)(c) of the Gift-tax Act. In the result, the question is answered accordingly in favour of the assessee.
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