https://www.taxtmi.com/caselaws?id=23210 Transfer of an entire income-earning business apparatus for inadequate consideration can fall within the deeming provision of the Gift-tax Act, 1958, even where the arrangement is styled as a fixed-term licence or permission; the transfer was treated as a deemed gift. A partnership firm is an assessable entity under the Act because the statutory definition of "person" is broad enough to include collective units. Exemption under section 5(1)(xiv) was unavailable because the transfer was not shown to be bona fide for facilitating the donor's business. The Tribunal's reduced valuation was upheld under the statutory method for non-revocable transfers. en-us Fri, 16 Mar 1990 00:00:00 +0530 Thu, 17 Dec 2009 15:12:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23210 Transfer of an entire income-earning business apparatus for inadequate consideration can fall within the deeming provision of the Gift-tax Act, 1958, even where the arrangement is styled as a fixed-term licence or permission; the transfer was treated as a deemed gift. A partnership firm is an assessable entity under the Act because the statutory definition of "person" is broad enough to include collective units. Exemption under section 5(1)(xiv) was unavailable because the transfer was not shown to be bona fide for facilitating the donor's business. The Tribunal's reduced valuation was upheld under the statutory method for non-revocable transfers. Case-Laws Income Tax Fri, 16 Mar 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23210