Supreme Court · 2000 INSC 454 · Decided 20 September 2000
The Commissioner of Gift Tax, Trivandrum v. T.M. Louiz
- Court
- Supreme Court of India
- Citation
- 2000 INSC 454 · [2000] SUPP. 3 S.C.R. 352
- Case number
- CIVIL APPEAL No. 4411/1996
- Decided
- 20 September 2000
- Bench
- S.P. BHARUCHA, S.N. PHUKAN, Y.K. SABHARWAL (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
Headnote
Gift Tax Act, 1958-Section 2(xii), (xiv)-Relinquishment of rights in a firm by a partner-Whether constitutes transfer of property for Gift tax purposes - Held, it does not constitute transfer of property and therefore not 'Ii- c • liable to Gift tax. Respondent-assessee, on retirement, Tax Officer treated the relinquishment of the rights as transfer of property under the Gift Tax Act, 1958 and assessed D to gift tax. On appeal, the Appellate Assistant Commissioner upheld the contention of the assessee that there was no voluntary act by the assessee. Tribunal dismissed the
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