https://www.taxtmi.com/caselaws?id=56848 On retirement from a partnership, a deceased partner's surrender of claims to development reserve and investment allowance was not a gift for estate duty purposes because it was accompanied by a corresponding release from future liabilities and a settlement of rights inter se. Section 9 of the Estate Duty Act, 1953 applies only where a gift is first established, and the facts showed a simultaneous adjustment of benefits and burdens rather than a gratuitous relinquishment. The retention of the reserves by the continuing partners was therefore not includible in the estate, and the additions were rightly deleted. en-us Thu, 29 Aug 1985 00:00:00 +0530 Tue, 07 Dec 2010 10:26:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56848 On retirement from a partnership, a deceased partner's surrender of claims to development reserve and investment allowance was not a gift for estate duty purposes because it was accompanied by a corresponding release from future liabilities and a settlement of rights inter se. Section 9 of the Estate Duty Act, 1953 applies only where a gift is first established, and the facts showed a simultaneous adjustment of benefits and burdens rather than a gratuitous relinquishment. The retention of the reserves by the continuing partners was therefore not includible in the estate, and the additions were rightly deleted. Case-Laws Income Tax Thu, 29 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56848