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of <h1>Partnership Dissolution Not Deemed Gift: High Court Decision Upheld</h1> The High Court of Madras held that no deemed gift arises upon the dissolution of a partnership firm, following the Supreme Court precedent in Jagatram ... - The High Court of Madras ruled that there is no deemed gift when a partnership firm dissolves, based on the Supreme Court decision in Jagatram Ahuja v. CGT [2000] 246 ITR 609. The Tribunal was correct in holding that there was no gift when a partner took over the running business and made payments to other partners. The decision favored the assessee and went against the Revenue.
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