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2011 (1) TMI 1194 - HC - Income TaxGift tax - retiring partner gets the value of his share in the partnership assets less his liabilities at the time of his retirement - Held that:- adjustment of rights between the retiring partner and the continuing partner in the assets of the partnership where there was an element of transfer, the interest by the retiring partners to the continuing partner is not excisable to gift tax, appeals are rejected [T.M. Louiz (2000 - TMI - 40240 - SUPREME Court - Income Tax)]
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