https://www.taxtmi.com/caselaws?id=69985 Gift-tax was held not leviable on the retirement of a partner and induction of a new partner in a reconstituted firm where the incoming partner brought in substantial capital and the business continued uninterrupted. The transaction was treated as one integrated commercial arrangement and a mere readjustment of rights, not a transfer of property without adequate consideration. The value introduced by the new partner was regarded as sufficient consideration, so the outgoing partner's change in status did not give rise to a deemed gift, and the addition was unsustainable. en-us Tue, 28 Nov 1989 00:00:00 +0530 Wed, 13 Apr 2011 12:17:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69985 Gift-tax was held not leviable on the retirement of a partner and induction of a new partner in a reconstituted firm where the incoming partner brought in substantial capital and the business continued uninterrupted. The transaction was treated as one integrated commercial arrangement and a mere readjustment of rights, not a transfer of property without adequate consideration. The value introduced by the new partner was regarded as sufficient consideration, so the outgoing partner's change in status did not give rise to a deemed gift, and the addition was unsustainable. Case-Laws Income Tax Tue, 28 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69985