Supreme Court of India
The Commissioner of Gift Tax, Trivandrum v. T.M. Louiz
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the 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, surrendered his rights in a firm in which he was a partner. The Gift Tax Officer treated the relinquishment of the rights as transfer of property under the Gift Tax Act, 1958 and assessed to gift tax. On appeal, the Appellate Assistant Commissioner upheld the contention of the assessee that there was no
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