https://www.taxtmi.com/caselaws?id=70219 The tribunal ruled in favor of the assessee, holding that the release of rights by the coparcener should be viewed as a release of undivided coparcenary interest, not a transfer subject to gift-tax. By maintaining consistency between the Income Tax Act and gift-tax assessments, the tribunal concluded that the transaction did not attract gift-tax liability. Consequently, the appeal of the assessee was accepted, and the gift-tax assessment was annulled. en-us Tue, 20 Jul 1982 00:00:00 +0530 Thu, 14 Apr 2011 18:49:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70219 The tribunal ruled in favor of the assessee, holding that the release of rights by the coparcener should be viewed as a release of undivided coparcenary interest, not a transfer subject to gift-tax. By maintaining consistency between the Income Tax Act and gift-tax assessments, the tribunal concluded that the transaction did not attract gift-tax liability. Consequently, the appeal of the assessee was accepted, and the gift-tax assessment was annulled. Case-Laws Income Tax Tue, 20 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70219