https://www.taxtmi.com/caselaws?id=11612 The High Court of Gujarat ruled in favor of the assessee, finding that no taxable gift occurred when the partnership share was reduced from 25% to 4%. The court emphasized the need for evidence to establish a gift in such cases and held that the Revenue failed to prove the existence of a gift. Citing previous Supreme Court decisions, the court highlighted that changes in profit-sharing ratios do not automatically imply a gift and considered the partner's circumstances, such as being elderly and blind, as justifying the transfer of profit-sharing rights. The decision favored the assessee, with no costs awarded against them. en-us Thu, 04 Jul 2002 00:00:00 +0530 Tue, 02 Feb 2010 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11612 The High Court of Gujarat ruled in favor of the assessee, finding that no taxable gift occurred when the partnership share was reduced from 25% to 4%. The court emphasized the need for evidence to establish a gift in such cases and held that the Revenue failed to prove the existence of a gift. Citing previous Supreme Court decisions, the court highlighted that changes in profit-sharing ratios do not automatically imply a gift and considered the partner's circumstances, such as being elderly and blind, as justifying the transfer of profit-sharing rights. The decision favored the assessee, with no costs awarded against them. Case-Laws Income Tax Thu, 04 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11612