1993 (3) TMI 10

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....tance of the Revenue, the Income-tax Appellate Tribunal, Cochin Bench, has referred the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that there is no gift involved in the retirement of the assessee from the firms ?" The respondents are assessees to gift-tax, We are concerned with the a....

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.... formulated hereinabove has been referred for the decision of this court. We heard counsel for the Revenue, Mr. N.R.K. Nair. At the time of hearing, it was agreed that an identical question arose for the consideration of this court in CGT v. T. M. Luiz Kannamally [1989] 180 ITR 257 and this court held that on the retirement of a partner, there is only a readjustment of the rights between the....