https://www.taxtmi.com/caselaws?id=69378 Admission of minors to the benefits of a newly constituted partnership did not amount to a taxable gift where the adult partners' profit-sharing ratios were fixed at inception and no pre-existing proprietary right was later surrendered in favour of the minors. The record also showed no identifiable transfer of an asset or property from the adults to the minors. Even if a right to future profits had been transferred, no reliable basis existed to value it, because the firm had no prior earning history and first-year profits alone could not furnish a sound assessable value. On the facts, gift-tax was not attracted and no taxable value was established. en-us Mon, 29 Jul 1985 00:00:00 +0530 Wed, 06 Apr 2011 14:35:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69378 Admission of minors to the benefits of a newly constituted partnership did not amount to a taxable gift where the adult partners' profit-sharing ratios were fixed at inception and no pre-existing proprietary right was later surrendered in favour of the minors. The record also showed no identifiable transfer of an asset or property from the adults to the minors. Even if a right to future profits had been transferred, no reliable basis existed to value it, because the firm had no prior earning history and first-year profits alone could not furnish a sound assessable value. On the facts, gift-tax was not attracted and no taxable value was established. Case-Laws Income Tax Mon, 29 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69378