(Per : HONOURABLE MR.JUSTICE AKIL KURESHI) At the time of admission of the appeal, following substantial question of law was framed;
"Whether in the facts and circumstances of the case, the Tribunal was right in law in holding that the reduction in the partnership share by the appellant would amount to a gift and give rise to levy of gift tax?"
The question framed in the present appeal arises out of the judgment of the Tribunal dated 26.8.2002. The Tribunal, following its own view in case of other partners of the firm, of which the present appellant was also one of the partner, confirmed the view of the Revenue Authorities.
Today, by a separate order, we have reversed the said decision of the Tribunal while allowing assessee's Tax Appeal Nos.394 of 2000 and 395 of 2000. In that view of the matter, without recording separate reasons, this appeal is also allowed. The impugned decision of the Tribunal is set aside. The question is answered in favour of the appellant-assessee and against the Revenue.
(AKIL KURESHI,J.) (HARSHA DEVANI,J.) Vahid Top