1980 (9) TMI 123

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....artner in M/s Kamal Industries prior to 1976-77. During the asst. yr. 1976-77, the assessee retired from the partnership firm. After his retirement, his son Shri Suraj Nankani was taken in as partner in the said firm. On these facts only, the GTO observes that it is a clear case of deemed gift. The case of the assessee is that no gift was made to the son and that he entered into the partnership wi....

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....re right to receive share income can be said to have remained with a retiring partner. This issue has been fully answered by Madras High Court in the case of the Addl. CGT, Madras-II vs. P. Krishnamoorthy and other (1). The High Court held that the moment a partner retired from the partnership, he had no right to receive any future profits in the said firm and hence there was no question of his gi....