https://www.taxtmi.com/caselaws?id=17724 A partner's right to share in future profits is a property interest, but once the partner withdraws from the partnership there is no subsisting right to those future profits. On the facts, the minor had a credit balance in his capital account, had withdrawn substantial sums, and had received interest on the balance; the relinquishment of the benefit in future profits was therefore not shown to be a taxable transfer unsupported by consideration. The High Court accordingly treated the arrangement as outside gift-tax, because the record did not establish a gift chargeable to tax. en-us Mon, 11 Dec 1995 00:00:00 +0530 Thu, 24 Sep 2009 13:22:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17724 A partner's right to share in future profits is a property interest, but once the partner withdraws from the partnership there is no subsisting right to those future profits. On the facts, the minor had a credit balance in his capital account, had withdrawn substantial sums, and had received interest on the balance; the relinquishment of the benefit in future profits was therefore not shown to be a taxable transfer unsupported by consideration. The High Court accordingly treated the arrangement as outside gift-tax, because the record did not establish a gift chargeable to tax. Case-Laws Income Tax Mon, 11 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17724