https://www.taxtmi.com/caselaws?id=70460 Transfer of property by joint owners to their partnership firm was considered for gift-tax purposes, but section 5(1)(xiv) of the Gift-tax Act, 1958 was held inapplicable because the exemption is confined to gifts made by an assessee in the course of carrying on his own business, profession or vocation. Although the transfer was connected with the firm's business and intended to facilitate finance and expansion, the benefit accrued to the partnership, which is legally distinct from the individual business of the partners. The transfer was therefore not an outgoing from the assessees' own business, and the gift-tax assessment remained sustainable. en-us Thu, 02 Apr 1981 00:00:00 +0530 Sat, 16 Apr 2011 12:59:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70460 Transfer of property by joint owners to their partnership firm was considered for gift-tax purposes, but section 5(1)(xiv) of the Gift-tax Act, 1958 was held inapplicable because the exemption is confined to gifts made by an assessee in the course of carrying on his own business, profession or vocation. Although the transfer was connected with the firm's business and intended to facilitate finance and expansion, the benefit accrued to the partnership, which is legally distinct from the individual business of the partners. The transfer was therefore not an outgoing from the assessees' own business, and the gift-tax assessment remained sustainable. Case-Laws Income Tax Thu, 02 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70460