https://www.taxtmi.com/caselaws?id=66343 Failure to disclose primary facts in the gift-tax return justified reopening because the assessees omitted required particulars of property transfers and jointly held assets; disclosure in income-tax proceedings did not cure the omission. On the substantive issue, contribution of immovable property to a partnership firm was a transfer, but the credit in the partner's capital account was only notional and did not constitute real consideration for the deemed-gift test. As actual inadequacy of consideration was not established, the transaction did not attract gift-tax as a deemed gift, and the assessees succeeded on merits. en-us Thu, 06 Oct 1988 00:00:00 +0530 Wed, 23 Feb 2011 16:48:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66343 Failure to disclose primary facts in the gift-tax return justified reopening because the assessees omitted required particulars of property transfers and jointly held assets; disclosure in income-tax proceedings did not cure the omission. On the substantive issue, contribution of immovable property to a partnership firm was a transfer, but the credit in the partner's capital account was only notional and did not constitute real consideration for the deemed-gift test. As actual inadequacy of consideration was not established, the transaction did not attract gift-tax as a deemed gift, and the assessees succeeded on merits. Case-Laws Income Tax Thu, 06 Oct 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66343