https://www.taxtmi.com/caselaws?id=67202 A deemed gift under the Gift-tax Act was not established on a partner's retirement and reconstitution of the firm because the record did not show any transfer or surrender of goodwill or assets without consideration in favour of the minors. The retiring partner's account was settled on the basis of a debit balance, the reconstituted deed did not evidence consent to any transfer of goodwill, and the minors had contributed capital to the firm. In the absence of material proving the essential element of transfer in favour of the beneficiaries, the deeming provision was inapplicable and the addition treating the transaction as a gift was deleted. en-us Fri, 06 Aug 1982 00:00:00 +0530 Wed, 09 Mar 2011 15:04:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67202 A deemed gift under the Gift-tax Act was not established on a partner's retirement and reconstitution of the firm because the record did not show any transfer or surrender of goodwill or assets without consideration in favour of the minors. The retiring partner's account was settled on the basis of a debit balance, the reconstituted deed did not evidence consent to any transfer of goodwill, and the minors had contributed capital to the firm. In the absence of material proving the essential element of transfer in favour of the beneficiaries, the deeming provision was inapplicable and the addition treating the transaction as a gift was deleted. Case-Laws Income Tax Fri, 06 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67202