https://www.taxtmi.com/caselaws?id=11056 The Court ruled in favor of the assessees, determining that the relinquishment of shares in a partnership firm did not constitute a deemed gift for gift-tax assessment. The capital contribution by a new partner was considered adequate consideration for the retiring partners, leading to the cancellation of gift-tax assessment orders. The Court emphasized the active involvement and risk-taking by the new partner, stating that the capital brought in was sufficient consideration, thereby disposing of the references in favor of the assessees. en-us Wed, 21 Jan 2004 00:00:00 +0530 Sun, 08 May 2011 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11056 The Court ruled in favor of the assessees, determining that the relinquishment of shares in a partnership firm did not constitute a deemed gift for gift-tax assessment. The capital contribution by a new partner was considered adequate consideration for the retiring partners, leading to the cancellation of gift-tax assessment orders. The Court emphasized the active involvement and risk-taking by the new partner, stating that the capital brought in was sufficient consideration, thereby disposing of the references in favor of the assessees. Case-Laws Income Tax Wed, 21 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11056