https://www.taxtmi.com/caselaws?id=61943 The Tribunal ruled in favor of the partners, canceling the gift tax assessments imposed on them individually. It held that the admission of a minor partner was an act of the firm, not individual partners, and that only the firm should be liable for gift tax as all partners suffered a detriment due to the admission of the minor. The Tribunal emphasized that partners who did not suffer any detriment could not be considered donors for gift tax purposes. en-us Tue, 29 Jul 1986 00:00:00 +0530 Mon, 17 Jan 2011 12:03:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61943 The Tribunal ruled in favor of the partners, canceling the gift tax assessments imposed on them individually. It held that the admission of a minor partner was an act of the firm, not individual partners, and that only the firm should be liable for gift tax as all partners suffered a detriment due to the admission of the minor. The Tribunal emphasized that partners who did not suffer any detriment could not be considered donors for gift tax purposes. Case-Laws Income Tax Tue, 29 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61943