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1972 (3) TMI 13 - HC - Income TaxGift Tax Act, 1958 - Whether Tribunal was right in law in holding that the redistribution of the profit sharing ratio on the admission of the two partners did not amount to a gift by the assessee of a portion of his share in the goodwill of the firm - Whether Tribunal was right in law in holding that the surrender or abandonment by the assessee of a share in the goodwill of the business in favour of his two children was bona fide and, therefore, did not amount to a gift within the meaning of section 4(c) of the Gift-tax Act
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