https://www.taxtmi.com/caselaws?id=67842 A contribution of an assessee's exclusive immovable property into a partnership with her sons, followed by quick dissolution and appropriation by the sons, was treated as a deemed gift under the Gift-tax Act. Section 2(xii) was read with section 4 to cover not only direct voluntary transfers without consideration but also deemed gifts under section 4(1)(d). On the recorded facts, the firm carried on no real business, the arrangement was found not genuine, and the sons derived substantial benefit from the conversion of absolute property into joint ownership and its later appropriation. A direct transfer was not required for section 4(1)(d) to apply. en-us Mon, 28 Feb 1983 00:00:00 +0530 Mon, 14 Mar 2011 18:53:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67842 A contribution of an assessee's exclusive immovable property into a partnership with her sons, followed by quick dissolution and appropriation by the sons, was treated as a deemed gift under the Gift-tax Act. Section 2(xii) was read with section 4 to cover not only direct voluntary transfers without consideration but also deemed gifts under section 4(1)(d). On the recorded facts, the firm carried on no real business, the arrangement was found not genuine, and the sons derived substantial benefit from the conversion of absolute property into joint ownership and its later appropriation. A direct transfer was not required for section 4(1)(d) to apply. Case-Laws Income Tax Mon, 28 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67842