https://www.taxtmi.com/caselaws?id=67797 Admission of new partners and revision of profit-sharing ratios did not create a deemed gift where the Tribunal found, on evidence, that the partners were working partners, one had contributed capital, and the reconstituted arrangement was supported by consideration. On that factual basis, the Tribunal held that no transfer of profit without consideration arose within the meaning of the Gift-tax Act, 1958, and no deemed gift resulted. Because the finding turned on appreciation of evidence and consideration, it was treated as a finding of fact and did not give rise to a referable question of law. en-us Thu, 29 Jan 1981 00:00:00 +0530 Mon, 14 Mar 2011 16:15:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67797 Admission of new partners and revision of profit-sharing ratios did not create a deemed gift where the Tribunal found, on evidence, that the partners were working partners, one had contributed capital, and the reconstituted arrangement was supported by consideration. On that factual basis, the Tribunal held that no transfer of profit without consideration arose within the meaning of the Gift-tax Act, 1958, and no deemed gift resulted. Because the finding turned on appreciation of evidence and consideration, it was treated as a finding of fact and did not give rise to a referable question of law. Case-Laws Income Tax Thu, 29 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67797