https://www.taxtmi.com/caselaws?id=15214 Reconstitution of a proprietary business into a partnership with family members did not, on these facts, amount to a taxable gift under the Gift-tax Act. Liability depended on proof of a transfer of property for inadequate consideration attracting the deeming provision, but the partnership-book credit entry was only notional and not conclusive of real consideration. As the record did not show that goodwill or other assets were transferred below market value in a manner satisfying the statutory ingredients of a deemed gift, no taxable gift arose. en-us Mon, 31 Jan 2000 00:00:00 +0530 Mon, 03 Aug 2009 17:20:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15214 Reconstitution of a proprietary business into a partnership with family members did not, on these facts, amount to a taxable gift under the Gift-tax Act. Liability depended on proof of a transfer of property for inadequate consideration attracting the deeming provision, but the partnership-book credit entry was only notional and not conclusive of real consideration. As the record did not show that goodwill or other assets were transferred below market value in a manner satisfying the statutory ingredients of a deemed gift, no taxable gift arose. Case-Laws Income Tax Mon, 31 Jan 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15214