JUDGMENT K. Shivashankar Bhat, J.—The question brought for our consideration under the provisions of the Gift-tax Act reads thus : "Whether, on the facts and in the circumstances of the case, the relinquishment of a share in the firm consequent on the reconstitution of the firm amounts to a gift or a deemed gift or a deemed gift and is taxable under the Gift-tax Act ?" 2. The question is covered by the decision of this court in D.C. Shah and Others Vs. Commissioner of Gift-tax, Karnataka, (1982) 134 ITR 492 KAR. Accordingly, it is held that it is not a gift and not taxable. The question is answered against the Revenue. Reference answered accordingly.