https://www.taxtmi.com/caselaws?id=14480 Reduction of a partner-trust's profit share on reconstitution of a firm was treated as a transfer of partnership interest that can attract gift-tax when it is not supported by consideration in money or money's worth under section 2(xii) of the Gift-tax Act, 1958. The inability to precisely quantify consideration at the time of reconstitution did not, by itself, defeat gift-tax liability. The reasoning in Sunil Siddharthbhai was held inapplicable because it concerned capital-gains computation under the Income-tax Act, not whether a transfer without adequate consideration constituted a taxable gift. The assessee's reduced share was therefore held exigible to gift-tax. en-us Thu, 24 Aug 2000 00:00:00 +0530 Thu, 16 Jul 2009 11:37:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14480 Reduction of a partner-trust's profit share on reconstitution of a firm was treated as a transfer of partnership interest that can attract gift-tax when it is not supported by consideration in money or money's worth under section 2(xii) of the Gift-tax Act, 1958. The inability to precisely quantify consideration at the time of reconstitution did not, by itself, defeat gift-tax liability. The reasoning in Sunil Siddharthbhai was held inapplicable because it concerned capital-gains computation under the Income-tax Act, not whether a transfer without adequate consideration constituted a taxable gift. The assessee's reduced share was therefore held exigible to gift-tax. Case-Laws Income Tax Thu, 24 Aug 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14480