https://www.taxtmi.com/caselaws?id=21794 On reconstitution of a partnership firm, capital contributed by incoming minors admitted to the benefits of partnership may constitute consideration for a partner's surrender of interest if it forms part of the bargain. Gift-tax under the Gift-tax Act, 1958 applies only to the value of the interest transferred without adequate consideration, so the contribution cannot be ignored in computing taxable value. The Tribunal was in directing that the minors' capital contribution be adjusted against the surrendered interest, and the contention that the full surrender was taxable without such credit was rejected. en-us Thu, 25 Jul 1991 00:00:00 +0530 Tue, 01 Dec 2009 13:01:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21794 On reconstitution of a partnership firm, capital contributed by incoming minors admitted to the benefits of partnership may constitute consideration for a partner's surrender of interest if it forms part of the bargain. Gift-tax under the Gift-tax Act, 1958 applies only to the value of the interest transferred without adequate consideration, so the contribution cannot be ignored in computing taxable value. The Tribunal was in directing that the minors' capital contribution be adjusted against the surrendered interest, and the contention that the full surrender was taxable without such credit was rejected. Case-Laws Income Tax Thu, 25 Jul 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21794