https://www.taxtmi.com/caselaws?id=11450 Retirement of a partner from a partnership firm, even where new partners are inducted on the same occasion, does not by itself constitute a transfer amounting to a taxable gift. The Kerala HC applied the settled principle already affirmed by the Supreme Court and found no distinguishing feature in the admission of new partners on retirement. On that basis, it concluded that no element of gift arose and the matter was answered in favour of the assessee and against the Revenue. en-us Wed, 25 Sep 2002 00:00:00 +0530 Mon, 10 Aug 2009 09:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11450 Retirement of a partner from a partnership firm, even where new partners are inducted on the same occasion, does not by itself constitute a transfer amounting to a taxable gift. The Kerala HC applied the settled principle already affirmed by the Supreme Court and found no distinguishing feature in the admission of new partners on retirement. On that basis, it concluded that no element of gift arose and the matter was answered in favour of the assessee and against the Revenue. Case-Laws Income Tax Wed, 25 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11450