https://www.taxtmi.com/caselaws?id=12595 Retiring partners who relinquished their rights in an unrecorded sum, later brought into the firm's books, were treated as making a voluntary transfer without consideration, satisfying the statutory definitions of gift, donor and donee and attracting gift-tax. The Court also held that the charge arose in the year when the surrender operated in favour of the continuing and incoming partners, because the gift was not complete until the benefit accrued. The assessment in the later year was therefore upheld, and the gift-tax treatment of the surrendered share was sustained. en-us Wed, 27 Mar 2002 00:00:00 +0530 Wed, 20 May 2009 13:38:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12595 Retiring partners who relinquished their rights in an unrecorded sum, later brought into the firm's books, were treated as making a voluntary transfer without consideration, satisfying the statutory definitions of gift, donor and donee and attracting gift-tax. The Court also held that the charge arose in the year when the surrender operated in favour of the continuing and incoming partners, because the gift was not complete until the benefit accrued. The assessment in the later year was therefore upheld, and the gift-tax treatment of the surrendered share was sustained. Case-Laws Income Tax Wed, 27 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12595