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of <h1>Reconstitution of Firm Share Not Taxable as Gift under Gift-tax Act</h1> <h3>Commissioner Of Gift-Tax Versus Vilas G. Kurbetti</h3> The High Court of Karnataka held that relinquishment of a share in a firm due to reconstitution does not constitute a gift under the Gift-tax Act and is ... Firm, Gift, Gift Tax The High Court of Karnataka ruled that the relinquishment of a share in a firm due to its reconstitution does not amount to a gift under the Gift-tax Act and is not taxable. The decision is based on a previous court ruling in D. C. Shah v. CGT [1982] 134 ITR 492.
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