Law:

Section:

Section 4, read with section 2(xii) of the Gift-tax Act, 1958 - Deemed gift - Whether relinquishment of share of a partner in a firm consequent on reconstitution of firm does not amount to gift or deemed gift and is not taxable under Act - Held, yes HELD In view of the decision of the Karnataka High Court in D.C. Shah v. CGT [1982] 134 ITR 492 , it was to be held that the relinquishment of a share of a partner in a firm consequent on the reconstitution of the firm does not amount to a gift or a deemed gift and is not taxable under the Act. Note: The decision is in favour of the assessee. CASE REFERRED TO D.C. Shah v. CGT [1982] 134 ITR 492 (Kar.). G. Chandrakumar and S.R. Shivaprakash for the Applicant.…

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