https://www.taxtmi.com/caselaws?id=209590 Land introduced by a partner as capital contribution to a partnership firm was treated as a transfer within the Gift-tax Act, but the notional book entry in the firm's accounts was not the real consideration for that transfer. The partner's rights in the firm, including profit share and a share in net assets on dissolution or retirement, were held to be continuing partnership rights, while the amount received on retirement depended on future partnership fortunes. Because section 4(1)(a) applies only where monetary consideration is shown to be inadequate at the time of transfer, the higher retirement amount could not be used to measure inadequacy. The difference was therefore not a deemed gift and no gift-tax was leviable. en-us Tue, 20 Jul 2010 00:00:00 +0530 Mon, 15 Jul 2013 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209590 Land introduced by a partner as capital contribution to a partnership firm was treated as a transfer within the Gift-tax Act, but the notional book entry in the firm's accounts was not the real consideration for that transfer. The partner's rights in the firm, including profit share and a share in net assets on dissolution or retirement, were held to be continuing partnership rights, while the amount received on retirement depended on future partnership fortunes. Because section 4(1)(a) applies only where monetary consideration is shown to be inadequate at the time of transfer, the higher retirement amount could not be used to measure inadequacy. The difference was therefore not a deemed gift and no gift-tax was leviable. Case-Laws Income Tax Tue, 20 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209590