https://www.taxtmi.com/caselaws?id=28219 A partner's retirement from a reconstituted firm does not, by itself, create a gift or deemed gift under the Gift-tax Act; tax liability depends on the factual position, including the value of the firm's assets and liabilities, the consideration received by the outgoing partner, and whether there was any real relinquishment of valuable interest. On the material stated, no taxable gift could be concluded without further factual enquiry, so the point was answered in favour of the assessee subject to such determination. The appellate authority was also held justified in remanding the assessment for further enquiry rather than annulling it, and that question was answered in favour of the Revenue. en-us Fri, 04 Feb 1983 00:00:00 +0530 Fri, 19 Feb 2010 17:20:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28219 A partner's retirement from a reconstituted firm does not, by itself, create a gift or deemed gift under the Gift-tax Act; tax liability depends on the factual position, including the value of the firm's assets and liabilities, the consideration received by the outgoing partner, and whether there was any real relinquishment of valuable interest. On the material stated, no taxable gift could be concluded without further factual enquiry, so the point was answered in favour of the assessee subject to such determination. The appellate authority was also held justified in remanding the assessment for further enquiry rather than annulling it, and that question was answered in favour of the Revenue. Case-Laws Income Tax Fri, 04 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28219