https://www.taxtmi.com/caselaws?id=71584 Gift-tax liability of a partnership firm depends on whether the charging framework clearly includes a firm within the definition of "person"; strict construction prevents taxation by implication. Transfer of a business as a going concern to a company controlled by the same partners, for shares and agreed deposits, does not create a deemed gift merely because the company later revalues the transferred assets. Inadequacy of consideration must be established from the facts and value at the time of transfer; a difference between book value and subsequent revalued figures is not, by itself, sufficient to invoke the deemed-gift provision. en-us Tue, 09 May 2000 00:00:00 +0530 Mon, 25 Apr 2011 17:38:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71584 Gift-tax liability of a partnership firm depends on whether the charging framework clearly includes a firm within the definition of "person"; strict construction prevents taxation by implication. Transfer of a business as a going concern to a company controlled by the same partners, for shares and agreed deposits, does not create a deemed gift merely because the company later revalues the transferred assets. Inadequacy of consideration must be established from the facts and value at the time of transfer; a difference between book value and subsequent revalued figures is not, by itself, sufficient to invoke the deemed-gift provision. Case-Laws Income Tax Tue, 09 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71584