Shri Sunil Siddharthbhai Etc vs Commissioner Of Income Tax, Ahmedabad ... on 27 September, 1985
11. The question in this case is whether the relinquishment of the share of the assessee will amount to a gift. No question of evaluation of the partner's share comes up for consideration in this case. Hence, we are of the view that the Tribunal was not correct in relying the decision in Sunil Siddharthbhai v. CIT (supra) and holding that since the adequacy or inadequacy of consideration cannot be quantified, the transaction is not exigible to gift-tax. The Tribunal allowed the appeal only on the reasoning that the question of adequacy or inadequacy consideration cannot be quantified.