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<h1>Partner's retirement from a firm not considered a gift, no gift-tax liability</h1> The High Court of Kerala held that a partner's retirement from a firm does not amount to a gift, leading to no gift-tax liability. The decision, arising ... Gift Tax Act, Partner From Firm, Retirement Of Partner The High Court of Kerala ruled that the retirement of a partner from a firm does not constitute a gift, based on previous decisions. The court held that no gift-tax is applicable in such cases. The decision was made in response to a question referred by the Income-tax Appellate Tribunal, Cochin Bench. The judgment favored the assessee and dismissed the Revenue's claim for gift-tax.
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