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<h1>ITAT Cochin: Son's Contribution in Firm Not a Gift - Gift Tax Assessment Cancelled</h1> The ITAT Cochin ruled in favor of the assessee, canceling the gift tax assessment order. The son's contribution to the firm as a partner with capital and ... - The Appellate Tribunal ITAT Cochin ruled in favor of the assessee, canceling the gift tax assessment order. The son of the assessee, who was admitted as a partner in the firm, had contributed capital and was a working partner, providing adequate consideration. Therefore, no gift was involved. The appeal was allowed.